Uzbekistan Launches Pilot Project with HUMO Stablecoin

In Uzbekistan, a pilot project has been launched for the use of the HUMO stablecoin for the payment of goods and services. HUMO will be pegged to the Uzbek som at a 1:1 ratio and backed by government securities. The project is being implemented by the National Agency for Project Management (NAPM) in collaboration with the Central Bank. Mechanisms for the issuance, circulation, and redemption of HUMO will be tested. Humo Digital is registered as a participant in the Special Legal Regime for the regulation of stablecoin circulation. The project partner is Asterium, which holds licenses for a crypto depository, crypto exchange, and crypto store. Within the pilot, the issuance of HUMO is planned, along with the use of the token as an official means of payment in Uzbekistan, as well as the integration of banking and blockchain infrastructure. More than 20 entrepreneurs and merchants are ready to join the project, which will last for up to three years. The main goal of the initiative is to test stablecoins as a new payment instrument that aims to expedite transactions and enhance the transparency of transactions.

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