Uzbekistan also adopts stablecoins…to pursue payment system development from next year

JOON HYOUNG LEE

Summary

The government of Uzbekistan officially introduced stablecoins and said it will implement a regulatory framework from January next year.
The introduction of the framework is expected to enable Uzbekistan-based companies to develop stablecoin-based payment systems and issue tokenized stocks and bonds.
It reported that several Central Asian countries are actively moving to build payment infrastructure using stablecoins and cryptocurrencies.

Uzbekistan officially adopts stablecoins.

On the 28th (local time), according to Cointelegraph, Uzbekistan's new stablecoin regulatory framework will take effect on January 1 next year. Cointelegraph said "(through the framework) a pilot project to develop a stablecoin-based payment system will be implemented," and "Uzbekistan-based companies will be able to issue tokenized stocks and bonds."

Earlier, Timur Ishmetov, governor of the Central Bank of Uzbekistan, announced in September that research related to cryptocurrencies was being conducted. At the time, Governor Ishmetov said "(cryptocurrencies) will have a serious impact on monetary policy," and "they should be carried out under strict control."

Uzbekistan is not the only country in Central Asia introducing stablecoins. Earlier, the Kyrgyzstan government last month launched a stablecoin pegged 1-to-1 to the value of its national currency 'som(Som)'. Cointelegraph reported that "Kazakhstan in September cooperated with Binance to create a government-level cryptocurrency fund holding Binance Coin (BNB)."

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