According to the
Ministry of Justice, a stable coin
is a type of crypto-asset whose value is pegged to the nominal value of a
national or foreign currency. Under this special regime, legal entities that
are residents of the Republic of Uzbekistan are permitted to issue stable coins.
The special regime
allows for the implementation of the following pilot projects:
Issuance of stable
coins backed by national and/or foreign currencies;
Use of stable
coins as a means of payment
within the territory of Uzbekistan;
Utilization of stable
coins for international transfers;
Development of
payment systems based on block chain technology.
To issue stable
coins, only funds in national and/or foreign currencies held in a dedicated
reserve account at the Central Bank may be used as collateral. The use of
loans, pledged assets, or other borrowed funds to form the collateral for stable
coins is strictly prohibited.
The review of
applications and documents, as well as the registration of participants in the
special regime, will be conducted free of charge.
