Uzbekistan Begins Research on Issuing a Digital Soum

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has launched research initiatives on the issuance of a digital soum.

This was announced in late November during a roundtable on the role of a floating exchange rate under inflation targeting by Nodirbek Ochilov, Deputy Chairman of the Central Bank, in response to a question about prospects for a national digital currency.

Ochilov noted that the regulator has been paying attention to digital currencies since 2023 as part of the country’s digital economy development. “In the context of digital transformation, we have been implementing key projects since 2023, and the role of digital currencies was considered even at the stage of application development. The Central

Bank has presented briefings and materials on integrating a digital currency into the economy,” he said.

The deputy head emphasized that the issue of a digital soum is being considered at the presidential level. “This topic is becoming increasingly relevant and was discussed at a meeting with the head of state. At the first stage, the Central Bank is thoroughly studying the issue of issuing a digital soum,” Ochilov added.

He also noted that similar research is underway in other countries, including Uzbekistan’s trading partners. “In many states, including our trade partners and developed countries, research on central bank digital currencies has only just begun,” he said.

As an example, he cited cooperation with the Swiss National Bank: “Recently, we held joint seminars as part of this collaboration. Their process of implementing a central bank digital currency is also at the research stage.”
The deputy chairman explained that the rapid growth of crypto assets has further driven central banks to study digital currencies. “Amid the rapid expansion of crypto assets, central banks have initiated discussions and development of digital currencies that could serve as alternatives to cryptocurrencies. In Uzbekistan, research groups have also been established, and relevant studies are ongoing,” he said.
Ochilov emphasized that various models of the digital soum are under consideration. “There are several directions: a retail digital currency for the public and a wholesale digital currency intended for interbank settlements. We are currently developing approaches for each of these directions,” he explained.
He indicated that more concrete decisions would be announced early next year. “In early 2026, news on this matter will emerge. These developments will certainly be discussed in consultation with the banking community. The process has begun; one can say the work is underway,” Ochilov said.
He also outlined a phased strategy for implementing the digital currency. “At the first stage, we study different potential applications. At the second stage, the Central Bank will conduct an in-depth assessment of potential effects, whether for wholesale or retail digital currency, from a practical standpoint. Following this, final conclusions will be formulated at the beginning of next year,” he concluded.