Uzbekistan will test the digital sum: HUMO stablecoin pilot project has been launched
A pilot project to test the HUMO stablecoin as a payment instrument has started in Uzbekistan, Yuz.uz reports.
The project is being implemented by the National Agency of Prospective Projects in cooperation with the country's Central Bank within the framework of a special legal regime — a regulatory "sandbox".
The HUMO stablecoin is a digital analog of the national currency: the value of one token is rigidly pegged to one sum. The main feature of the project is that the issuance of digital tokens will be fully backed by government securities of the Republic of Uzbekistan. The HUMO Digital company acts as the operator, and the Asterium crypto-platform has become the technical partner.
During the 12-month experiment, specialists will test the full cycle of the token's circulation: from its issuance and everyday payments for goods and services to the integration of banking and blockchain systems. Regulators will pay special attention to cybersecurity, transaction transparency, and consumer protection.
The launch of the "digital sum" will make it possible to evaluate the effective use of blockchain technologies in the financial sector of Uzbekistan and create a secure infrastructure for the development of modern digital payments in the region.
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