According to Fixygen, the Central Bank of Uzbekistan is exploring the possibility of introducing a wholesale central bank digital currency (CBDC), while also testing stablecoins and intending to continue reducing the state’s share in the banking sector.
Representatives of the regulator made these statements at the Silk Road Finance & Technology Forum 2026, which is taking place in Tashkent from August 24–26. The forum was organized by the Central Bank of Uzbekistan and the Global Finance & Technology Network (GFTN). More than 6,000 representatives from 74 countries are participating.
Nodirbek Achilov, Deputy Chairman and Member of the Board of the Central Bank, stated that the regulator is analyzing international experience with wholesale CBDCs, including both successful and unsuccessful projects.
Unlike a retail digital currency, which could potentially be used by the general public for everyday payments, a wholesale CBDC is intended primarily for settlements between banks and other financial institutions. Among the potential benefits of such an instrument, Achilov cited increased security and efficiency in interbank settlements.
The central bank is also testing a stablecoin system in a special regulatory regime in collaboration with Uzbekistan’s National Agency for Prospective Projects. A decision on further scaling up the project is planned to be made after the completion of research and an assessment of the financial market’s reaction. The topic of stablecoins, central bank digital currencies, and the tokenization of real assets is one of the distinct themes of the forum’s program.
At the same time, the Central Bank plans to continue privatization and reduce the state’s presence in the banking system. Central Bank Governor Timur Ishmetov stated that over the past few years, the state’s share in the sector has decreased from approximately 85% to 60%. “We will continue this trend,” Ishmetov said.
Official Central Bank statistics show that as of June 1, 2026, banks with state participation accounted for about 63% of the banking system’s assets, 66% of the loan portfolio, and 59% of capital. Total assets of commercial banks amounted to 984.4 trillion sum.
The regulator is also preparing to publish a strategy for foreign exchange interventions. According to Ishmetov, the Central Bank’s operations in the foreign exchange market are not aimed at keeping the sum exchange rate at a specific fixed level. Interventions, in particular, are related to gold purchases and the regulation of the money supply.
The Central Bank intends to continue maintaining a flexible, market-oriented exchange rate and to present plans for further liberalization of capital account transactions. “We are ready to be more open and transparent,” Ishmetov noted.
In addition, the Central Bank has prepared a three-year roadmap for reforming banking regulation following the Financial Sector Assessment Program (FSAP) conducted by the IMF and the World Bank. The regulator plans to align requirements with the international Basel III standards and transition banks to reporting under International Financial Reporting Standards (IFRS). The Silk Road Finance & Technology Forum is being held in Uzbekistan for the first time. The organizers cite positioning the country as a regional hub for financial technology in Central Asia as one of the forum’s goals. Specific sessions of the forum are dedicated to digital assets, payment infrastructure, artificial intelligence, cross-border payments, tokenization, and CBDCs.
