CENTRAL BANK DIGITAL CURRENCY: GLOBAL EXPERIENCE, POLICY CHALLENGES, AND PROSPECTS FOR UZBEKISTAN

Abstract

Central bank digital currencies (CBDCs) have become a major policy topic as central banks seek to modernize payment systems, preserve monetary sovereignty, and improve financial inclusion in increasingly digital economies. This article examines global CBDC experience, identifies the principal policy, technological, legal, and economic challenges associated with CBDC development, and assesses the prospects for a potential Digital Soum in Uzbekistan. The study is based on the Technology–Organization–Environment (TOE) framework and Institutional Theory, which together explain how technological readiness, organizational capacity, and external institutional pressure shape CBDC adoption (DePietro, Wiarda and Fleischer, 1990; DiMaggio and Powell, 1983).
Methodologically, the paper combines a scoping review of academic and policy literature, comparative policy analysis of selected countries, documentary analysis of Uzbekistan’s policy environment, and a cross-country comparative assessment using publicly available indicators. Evidence from international cases shows that CBDC projects differ significantly in motivation, architecture, and implementation stage, but most are designed as complements to cash and existing payment systems rather than replacements (BIS, 2023). The literature also highlights persistent concerns regarding privacy, cybersecurity, financial stability, commercial bank intermediation, and governance (IMF, 2024).
For Uzbekistan, publicly available evidence suggests growing digital financial infrastructure and an exploratory policy environment, although not fully verified official CBDC launch decision is evident in the materials reviewed (Central Bank of the Republic of Uzbekistan, 2026). The paper concludes that Uzbekistan should pursue a phased CBDC strategy built on regulatory clarity, technological readiness, institutional coordination, and limited pilot testing.
The findings contribute to the emerging literature on CBDC adoption in emerging and transition economies and provide policy-relevant lessons for Uzbekistan (World Bank, 2025; Atlantic Council, 2026).