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Crypto
Uzbekistan starts bond-backed stablecoin payments pilot
Uzbekistan has launched a pilot programme to use HUMO, a stablecoin pegged to the Uzbek som, for payments for goods and services. The bond-backed stablecoin is being tested in a regulatory sandbox to gauge the potential to expand digital payment infrastructure. The trial will cover issuance, circulation and redemption, as well as payments at merchants. Authorities will review collateral sufficiency, transparency, cybersecurity, consumer protection and anti-money laundering controls.
Crypto
Uzbekistan to build crypto mining valley near Kazakhstan border, tax exemptions until 2035
Uzbekistan plans to set up a special crypto mining zone in the Karakalpakstan Autonomous Republic and give tenant companies tax exemptions until Jan. 1, 2035. President Shavkat Mirziyoyev signed a decree establishing the Beskala Mining Valley near the Kazakhstan border. Tenant miners will have unrestricted access to Uzbekistan’s unified power grid, with additional power supplied by a hydrogen power plant to be built in Karakalpakstan. Companies must obtain a licence from the National Agency for Perspective Projects.
Crypto
Uzbekistan allows pilot use of stablecoin payments
Uzbekistan is adopting a new regulatory system that allows stablecoins as an official payment method, according to local media cited by Cointelegraph. A tightly controlled sandbox will host the pilot. The central bank and NAPP are jointly running the programme, which includes distributed ledger technology projects. Companies will be allowed to issue tokenised stocks and bonds from 2025. The central bank is considering a CBDC but not a retail version. A Telegram subscription notice was included.