In Uzbekistan, a pilot program will be launched for the use of the HUMO stablecoin for payments

The Central Bank of Uzbekistan and the National Agency for Priority Projects have begun monitoring a pilot project on the use of the HUMO stablecoin as a payment method.

Within the framework of the project, the authorities want to test how HUMO will work in practice: its issuance, circulation, and redemption, as well as the possibility of using it to pay for goods and services in Uzbekistan.

The cost of one HUMO will be 1 Uzbek sum. The issuance of tokens is planned to be backed by Uzbek government securities.

Project participants will also test the integration of banking, processing, and blockchain infrastructure to conduct settlements using HUMO.

HUMO Digital, a company registered by the National Agency for Priority Projects with the approval of the Central Bank, has become a participant in the special legal regime. The project partner is Asterium JSC, which holds licenses for operating a crypto depository, crypto exchange, and crypto store.

During testing, regulators will monitor how reliably HUMO is backed, how operations are conducted, and how well user data and funds are protected. They will also assess risks related to cybersecurity and money laundering.

The Central Bank will separately evaluate the project's impact on the country's financial and price stability.

The pilot is scheduled for 12 months. If necessary, it may be extended, but the total project duration must not exceed three years.

After testing is completed, the authorities will evaluate the results and determine whether the HUMO model is suitable for use as a digital payment instrument. Based on the project, proposals for further regulation of digital financial instruments in Uzbekistan are also planned.

Source: cbu.uz