A pilot project for using the HUMO stablecoin as a means of payment has been launched in Uzbekistan. The initiative is being implemented by the National Agency for Prospective Projects (NAPP) in collaboration with the country's Central Bank.
Within the framework of the project, mechanisms for issuing, circulating, and redeeming the HUMO stablecoin will be tested. The value of one token will be equated to one Uzbek sum.
Humo Digital Company, in coordination with the Central Bank, has been registered as a participant in the Special Legal Regime for Regulating Stablecoin Circulation.
The project's partner is Asterium, which holds licenses for organizing and conducting the activities of a crypto-depository, crypto-exchange, and crypto-store. Banks and other enterprises will also be involved in the implementation.
The pilot provides for:
- issuance of HUMO backed by government securities;
- use of the token as an official means of payment for goods and services in Uzbekistan;
- integration of the banking, processing, and blockchain infrastructure of participants for conducting settlements.
According to the agency, more than 20 entrepreneurs and merchants are ready to join the project.
Project to Last Up to Three Years
The pilot project is planned to be implemented over three years. Its progress will be monitored by NAPP and the Central Bank of Uzbekistan.
The main goal of the initiative is to test stablecoins as a new payment instrument. It is expected that the use of HUMO will help speed up settlements in entrepreneurial activities, as well as increase the transparency and security of transactions.
At the same time, as part of the pilot, regulators plan to identify associated risks and develop mechanisms to minimize them.
Previously, we reported that a special zone for "green" mining with tax benefits was created in Uzbekistan.
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