Uzbekistan has initiated a pilot project for the HUMO token, a state-backed digital currency pegged to the national currency, the Uzbekistani sum (UZS), at a rate of 1:1,000. Unlike typical cryptocurrencies prone to price volatility, HUMO is uniquely backed by government-issued sovereign bonds, aiming to provide price stability and foster trust in digital payments nationwide.
The HUMO token pilot represents a significant step in Uzbekistan’s broader strategy to digitize its economy and integrate blockchain technology into public financial services. The project complies with the nation’s evolving regulatory framework for digital assets, ensuring legal clarity and security for users.
Central to the initiative is the HUMO payment network, which already serves over 35 million cardholders and is deeply embedded in Uzbekistan’s banking and retail sectors. This extensive infrastructure offers a ready-made platform for the widespread adoption of digital currency, facilitating seamless integration into everyday transactions.
Technically, the HUMO token operates on the Tycho protocol developed by Broxus, a blockchain infrastructure provider. This protocol supports Ethereum Virtual Machine (EVM) and TON Virtual Machine (TVM) environments, enabling fast, low-cost, and scalable transactions suitable for government-level applications such as social payments, tax automation, and utility services.
The pilot aims to enable instant, low-fee digital payments within the HUMO network, enhance transparency through public ledger auditability and reduce informal cash flows by creating verifiable digital payment rails. The initiative focuses on a user-friendly blockchain integration that doesn’t disrupt existing payment habits. If successful, the HUMO token could support e-government services and programmable cash flows for public programs, positioning Uzbekistan alongside other countries exploring asset-backed digital currencies to bridge traditional finance and Web3 infrastructure, prioritizing utility, stability, and trust.
Notably, in 2023, the Uzbekistani government authorized Kapital Bank and Ravnaq Bank to pilot UzNEX crypto cards within a regulatory sandbox. These cards aim to integrate bank accounts and crypto wallets for streamlined payment processing.
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