An open banking system will be introduced in Uzbekistan. This was highlighted in a decree by President Shavkat Mirziyoyev aimed at the development of the fintech sector in the country.
The new system is expected to launch in September next year. The system will ensure the secure exchange of information among banks, payment organizations, and participants in the fintech market.
Additionally, starting next year, a specific regulatory framework will be established to use tokens as a payment method. Moreover, pilot projects will be launched to create a payment system based on distributed ledger technology.
This technology enables the replication and synchronization of data across multiple computers. Furthermore, beginning next year, Uzbek citizens will be allowed to issue tokenized stocks and bonds.
A dedicated trading platform will be established for these securities. Additionally, a "regulatory sandbox" is planned to be introduced, with its timeline to be determined by the Ministry of Information Technologies and Communications Development of Uzbekistan and the Central Bank.
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