Uzbekistan to Pilot Crypto Payments for Trade and Retail

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan plans to test crypto-asset payments for foreign trade and retail transactions, the first deputy director of the National Agency for Advanced Projects (NAPP), Vyacheslav Pak, announced.

Three main initiatives will be implemented: creating a blockchain-based payment system, using crypto-assets for foreign trade settlements, and applying them in retail payments.

Pak highlighted that the use of stablecoins will eliminate intermediaries, reduce transaction costs, and significantly accelerate payments.

In traditional foreign trade operations via SWIFT, transfers can take three days to a week. “With a blockchain-based payment system, operations will take minutes or even seconds, bypassing all intermediaries. Currently, Bank ‘A’ transfers funds to Bank ‘B’, and each step incurs a commission. Blockchain minimizes fees and transaction costs,” he explained.

The pilot project aims to lay the groundwork for a modern, efficient, and cost-effective digital payment infrastructure in Uzbekistan.