Cryptocurrencies Not Considered Reserve Assets — Central Bank of Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan rules out the inclusion of cryptocurrencies in the country’s foreign exchange and gold reserves, Sanjar Valiev, head of the regulator’s International Reserves Management Department, said.

According to him, the high volatility and speculative nature of digital assets make them unsuitable for ensuring the stability of international reserves. “If we look at the experience of other countries, they included cryptocurrencies in reserves only after thorough diversification and testing of different instruments. We are not ready for this yet,” he emphasized.

Valiev also noted that the global cryptocurrency ecosystem still lacks sufficient liquidity and scale to enable free and secure asset management at the level of foreign exchange and gold reserves. “The growth of the crypto market is not comparable to other assets included in the reserves. These are simply incomparable things,” he concluded.

Meanwhile, Uzbekistan’s foreign exchange and gold reserves continue to reach new highs. In August, their volume exceeded US$50 billion, rising by US$1.34 billion.

For the first time, the value of gold held by the Central Bank surpassed US$40 billion, with reserves increasing from 11.7 million to 11.8 million troy ounces. At the same time, foreign currency reserves fell by US$49.3 million, while the value of U.S. Treasury bonds in the portfolio grew to US$1.016 billion.