Uzbekistan may Become a Leader in the CIS in the Transition to Cryptocurrencies

In the CIS zone, Uzbekistan may take a leading position in the pace of transition to blockchain technologies and digital currencies.

In this republic, from January 1, 2026, legislation regulating the circulation of virtual currencies and mining began to operate.

crypto market and mining industry will remain under tight control by the state, but the authorities allowed the use of stablecoins as a payment tool. Transactions will be carried out under a special regime, reported local news resources reported.

For the first time in September last year, the Uzbek authorities announced their intention to allow the use of stablecoins when paying for goods and services. The corresponding order was sent by the president of the republic to the National Agency for Advanced Projects (NAPP) and the Central Bank.

Main theses

• The Central Bank and NAPP worked out a mechanism for the gradual integration of crypto into the financial system and submitted the program to the head of state for consideration.

• The new regime from January started in a test format within the framework of a special legal zone. Regulatory functions were assigned to the Central Bank and NAPP. They will also determine the timing of the experimental regime.

• From January 1, 2026, legal entities registered in Uzbekistan received the right to officially issue tokenized shares and bonds.

1. Residents of Uzbekistan are interested in stablecoins

The entry into force of legislation on licensing cryptocurrency platforms and mining has provoked a surge of interest in stablecoins in Uzbekistan.

• Tokens with fiat security in test mode from January 1, 2026 are recognized as a payment tool. They can pay for goods and services, but so far only within the experimental legal zone.

Against the background of the legalization of stablecoins in the republic sharply increased interest interest in the largest digital currency with dollar support USDT.

Source: Google Trends

According to Google Trends, the number of searches for USDT-related topics reached its highest level since January 2024.

Interest in the token in Uzbekistan began to increase from January 1, that is, since the entry into force of the legislation on crypto regulation.

In the middle of the month, the number of searches for topics related to stablecoins on the Internet decreased.

But if the scale of the use of digital currencies in the domestic market will increase, then the popularity of the new tool will also increase.

• Most often, residents of Samarkand, Tashkent, Navoi, Andijan and Jizzakh regions seek information about the USDT coin.

• Internet users are eager to learn about the forms of purchasing USDT and other coins such as BTC, ETH and TON.

• Legalization of stablecoins was the first stage on the way of Uzbekistan to the formation of a national blockchain hub.

• The republic expects to take a strong position in Central Asia among countries that are also seeking to integrate cryptocurrencies into their financial system.

2. Alternative payment system in the blockchain

In late November, President of Uzbekistan Shavkat Mirziyoyev signed decrees on the development of fintech and the modernization of the republic’s payment infrastructure using blockchain technologies.

The implementation of a large-scale project should be completed by 2030. The authorities in January of this year began testing capabilities of an alternative financial system based on blockchain.

• Since January 1, as part of the experimental regime, the state has allowed the use of stablecoins to pay for goods and services.

Source: President of the Republic of Uzbekistan

The President of Uzbekistan entrusted regulatory functions to the Central Bank and the National Agency for Advanced Projects (NAPP).

Companies registered in the jurisdiction of Uzbekistan have received the right to issue tokenized bonds and shares. They can use this form of attracting investments under the control of the authorities. And cryptocurrency exchanges will act as platforms for placing new tools, which will receive a license.

• platform MEXC may be among the companies that will be able to serve investors in the local market under the pilot regime.

• The government of the republic expects to increase the number of market participants to 200 fintech companies. To raise capital, they will be able to use the resources of a venture fund with a capital of up to $50 million.

• From 2026, Uzbekistan will hold major forums with the participation of business and the expert community interested in modernizing the payment infrastructure of the republic.

• The forums will become platforms for interaction with foreign investors and projects in the field of financial technologies. The Central Bank and the Ministry of Digital Technologies will organize such events.

3. Is it possible to transition to total digitalization of payments?

The Central Bank of Uzbekistan has launched a project to create a national digital currency (CBDC). The authorities of the republic plan to approve a program for the development of a token and its gradual integration into the state financial system by April of this year, said Deputy Chairman of the Central Bank Nodirbek Ochilov.

At the moment, the regulator is analyzing the capabilities of CBDC and considering options for creating a new payment instrument.

When developing a digital sum, Uzbekistan will study foreign experience in the development of national digital currencies. One of the key partners for the republic is the Central Bank of Switzerland, with which it actively interacts.

• The regulator at the first stage plans to determine the form of application of the digital sum.

• This tool can be used both in retail payments and in interbank settlements. In the coming months, Uzbekistan will present the first solutions for the program of digitalization of settlements using CBDC.

• Last fall, the head of the Central Bank Timur Ishmetov said that commercial banks will take part in testing the digital sum.

• In parallel, the state will gradually integrate stablecoins into the payment infrastructure.

4. Conclusion

• Uzbekistan allowed the use of stablecoins as a payment instrument from January 1, 2026. However, at the first stage, such transactions can be carried out only under a special experimental regime.

• At the end of last year, the president of the republic signed decrees on the development of fintech and the modernization of the payment system. The digitalization program should be completed by 2030, and stablecoins can become one of the main tools for settlements.

• In parallel, the state allowed resident companies to issue tokenized shares and bonds to raise capital.

• Against the background of the legalization of stablecoins in Uzbekistan, interest in such financial instruments has grown. People seek to obtain information on the purchase and storage of tokens on the Internet.

• By April 2026, the Central Bank of Uzbekistan wants to approve a program to create a digital sum and integrate it into the state banking system.

• Now the regulator is studying options for using the token and evaluating its impact on the economy.

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