Digital HUMO token to be tested for payments in Uzbekistan

Photo: O‘zA

An important pilot project is being launched to introduce digital technologies into the financial and banking system of Uzbekistan and to develop modern payment mechanisms. An official testing process is beginning for the use of a special digital HUMO token, pegged to the national currency (the sum), as a means of payment. This innovation is of great importance as it aims to develop the digital economy and expand the scope of cashless payments. So, how does this digital token work, how is its security ensured, and which agencies are responsible for oversight? At the end of the article, we reveal the main intrigue — the exact testing timelines and the conditions for extending the pilot project.

Financial mechanism and backing of the digital token

The process of testing the new financial instrument is based on several key criteria:

• Parity with the national currency: Within the scope of the test, the value of one HUMO token is set equal to a specific sum (1 HUMO = 1 sum);

• State guarantee and backing: The financial stability of the tokens is planned to be backed by Uzbekistan government securities;

• Practical payment capabilities: During the pilot, the system for making and accepting payments for daily goods and various services will be tested.

Security assessment and state control

Financial security and system stability are the top priorities when using digital tools:

• Risk assessment: Throughout the project, the full backing of tokens, information security, and potential risks will be thoroughly analyzed;

• Central Bank oversight: This new financial practice will be conducted under the strict supervision of the Central Bank of the Republic of Uzbekistan;

• National Agency for Perspective Projects: Coordination of processes and modern regulation will be carried out under the supervision of the National Agency for Perspective Projects.

Main solution and project testing timelines

The main question that interests many is exactly when this innovation will be fully implemented and how long the testing process will last. The most important conclusion is, that the initial duration of this pilot project is set to exactly 12 months . If the test results require additional verification, the period may be extended, but the total duration will strictly not exceed 3 years.

In your opinion, how will the testing of the digital HUMO token for daily payments positively impact the development of cashless payments in our country? Are you ready to pay for goods and services using such digital tokens yourself? Leave your thoughts in the comments and share this important economic news with your friends!