Uzbekistan has launched research into a digital version of its national currency, the sum, marking a significant step in the country’s broader digital economy transformation.
The initiative was disclosed by Nodirbek Ochilov, Deputy Chairman of the Central Bank, during a late-November roundtable on the floating exchange rate, Uzbek media reported, citing The Caspian Post. He noted that the Central Bank has been studying digital currencies since 2023, including their integration into existing economic systems and applications.
“The question of a digital sum is also being considered at the presidential level. At the first stage, the Central Bank is conducting a comprehensive study of its issuance,” Ochilov said.
He added that similar research is underway in other countries, including Uzbekistan’s key trading partners, pointing to cooperation with the Swiss National Bank. Joint seminars have already been held, while Switzerland’s own central bank digital currency remains at the research stage.
The growing use of cryptoassets has also accelerated interest in central bank digital currencies as potential alternatives to cryptocurrencies. Uzbekistan has set up dedicated research groups to examine different CBDC models, including a retail digital currency for public use and a wholesale version for interbank settlements.
According to Ochilov, more concrete plans are expected in early 2026 and will be developed in close consultation with the banking sector. The work will follow a phased approach, beginning with analysis of potential applications, followed by assessment of practical impacts, before final conclusions are drawn.
