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DOI: h ps://doi.o g/10.5281/zenodo.17668154
THE ADOPTION AND IMPACT OF CENTRAL BANK DIGITAL
CURRENCIES ON NATIONAL ECONOMIES: A CASE
STUDY OF UZBEKISTAN IN 2025
A slonbeko a Rano A slonbeko na
Associa e P o esso
English Depa men
Uni e si y o Wo ld Economy and Diplomacy
.a slonbeko[email p o ec ed]m
Chinmi zaye Shoh uhxo‘ja
Second-Yea S uden o he Uni e si y o Wo ld Economy and Diplomacy
In e na ional Economics and Managemen Facul y
chinmi zaye [email protected]
ABSTRACT
The e a e al eady mo e han 130 coun ies ha conside he Cen al Bank Digi al
Cu ency (CBDC) in 2025. They seek o simpli y banking among he populace, make
paymen s as e , and assis go e nmen s o egula e he ci cula o y cash pa icula ly
in such economies as Uzbekis an whe e he economy is s ill in i s in ancy. This a icle
examines he ways in which a digi al e sion o he Uzbek som would al e he pe sonal
and business inance, accoun ing pa e ns and employmen sec o
1
.
I combined wo ypes o esea ch. On he one hand, I looked a he in e na ional
s a is ics p o ided by he BIS, IMF and he Uzbek s a is ics p o ided by he Cen al
1
CBDC T acke . (n.d.). Cen al Bank Digi al Cu ency T acke . h ps://cbdc acke .o g/
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Bank and Global Findex 2025. The igu es indica e ha a digi al som can inc ease
bank accoun balances o o e 80 pe cen o cu en 60 pe cen , educe in o mal cash
ansac ions (consoming app oxima ely 28 pe cen o GDP) by hal , hal e emi ance
cha ges o 70 pe cen , and s eamline paychecks by gig-wo ke s. The disad an age is
ha new egula ions migh complica e audi ails, and indi iduals a e conce ned wi h
p i acy
1
.
Ul ima ely, should Uzbekis an succeed in he CBDC implemen a ion p ocess, hen
i would become an easy- o-use in ech hub in Cen al Asia. Ne e heless, i will
equi e mo e up- o-da e accoun ing egula ions ha coincide wi h he IFRS and
cou ses o educa e indi iduals on he usage o digi al money. The lessons lea ned
du ing his esea ch migh be handy o he o he eme ging ma ke s in de e mining how
o balance new echnology and ensu e he inancial sys em emains s able.
In oduc ion: A Cen al Bank Digi al Cu ency, o CBDC, is undamen ally a
digi al ep esen a ion o he money used in a coun y and suppo ed and issued by
cen al bank. I is no like c yp o such as Bi coin, in ha i is all ope a ed by he bank
and is pegged agains a s able alue. And no in cash, o deposi s in no mal banks, bu
in CBDCs you may do ins an , and p og ammed paymen s ha may be olloId by he
go e nmen as o policy
2
.
Al eady globally, 9 na ions ha e al eady olled ou a ull-scale CBDC such as he
Bahamas wi h i s Sand Dolla and Nige ia wi h e-Nai a and abou 38 pilo p og ams.
I is being gi en a en ion by many de eloping coun ies since mos o hei economies
a e in o mal. They desi e o ha e people o cash, educe he p ice o c oss-bo de
money ansmission, and ensu e ha hei own s ablecoins emain pu .
Uzbekis an is a key case. They a e conce ned abou he in la ion a e, hei
audience is qui e young, and hey ha e a h i ing in ech ecosys em wi h 103
companies in 2025 alone. A digi al e sion o he som is unde conside a ion by he
1
Global Fo um on Remi ances, In es men and De elopmen (GFRID). (2025). Uzbekis an’s inancial inclusion a a
glance: Global Findex 2025. h ps://g id.o g/publica ions/uzbekis ans- inancial-inclusion-a -a-glance-global- index-
2025/
2
CoinLedge . (2025). CBDC de elopmen s: A global o e iew. h ps://coinledge .io/ esea ch/cbdc-de elopmen s
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cen al bank, and i is conduc ing some es s on s ablecoins in some sandbox
en i onmen s
1
.
Me hodology: This pape is a mixed-me hod s udy h ough a comp ehensi e
analysis.
Quan i a i e: I ha e analyzed global CBDC da a (BIS 2024 su ey, IMF
Handbook) as Ill as Uzbekis an s a is ics: inancial inclusion (360 lines in Global
Findex 2025: 60% own an accoun ), digi al paymen s (app oxima ely 38% o pu chases
a e made wi hou cash), in o mal paymen s (app oxima ely 28%), and emi ances
(p edic ed US$78million digi al in 2028). The sou ces o da a I e he epo s o he
Cen al Bank o Uzbekis an and he Wo ld Bank
2
.
Quali a i e: I added up he pe spec i es o s akeholde s by CBU announcemen s
and in ech epo s. As an example, a hypo he ical Tashken CEO announced, Pilo
s ablecoins could educe econcilia ion by 70% and his demons a es wha people
belie e would occu .
Time: 2025 pilo s; includes pe sonal (budge s, social secu i y), business
(di idends, loans) and accoun ing (dep ecia ion o digi al asse s).
Limi s: These a e pilo p ojec s (no ye ully olled ou ), speci ic da a on CBDC
in Uzbekis an is di icul o ind and he 2026 implemen a ion is an es ima e.
Resul s: Resul s es ima ed based on pilo s as well as benchma ks.
Income & Labo Ma ke : CBDC would ans e a subs an ial po ion o he money
handled by people (app oxima ely a 40 pe cen o gigs paymen s) in o digi al walle s,
esul ing in he people ecei ing addi ional money and educed commissions. The
eelance s on hese ypes o websi es, such as Upwo k, would e ain e en less o wha
hey would ea n, abou 94% wi h a 6 pe cen ax. By he yea 2030, he in o mal
paymen in he economy will dec ease by hal o only 15 pe cen o he GDPs
3
.
1
Wo ld Economics. (n.d.). Uzbekis an: The economy, da a and analysis. h ps://www.wo ldeconomics.com/coun y-
e iews/Uzbekis an/
2
Global Fo um on Remi ances, In es men and De elopmen (GFRID). (2025). Uzbekis an’s inancial inclusion a a
glance: Global Findex 2025. h ps://g id.o g/publica ions/uzbekis ans- inancial-inclusion-a -a-glance-global- index-
2025/
3
Wo ld Economics. (n.d.). Uzbekis an: The economy, da a and analysis. h ps://www.wo ldeconomics.com/coun y-
e iews/Uzbekis an/
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Me ic
2024
P ojec ed 2026
(wi h CBDC)
In o mal Paymen s (%
GDP)
28%
18%
Gig Income Re en ion
~76% (a e ees/ ax)
~94%
Remi ance Cos s
6-8%
2-3%
Table 1. P ojec ed impac o digi al som adop ion
Business Finance & Paymen s: The di o ce would esul in educed p ices o
ansac ions, say 70 pe cen accoun s econcile, and he money would ci cula e quicke ,
p o iding small and medium businesses wi h mo e wo king capi al. The SMEs would
sa e be ween 2 and 5 million yea ly
1
.
Accoun ing & Audi ing: The elec onic oo p in would simpli y he p ocess o
bookkeeping wo imes and dec ease mis akes. The new egula ions o alue CBDC
holdings (a his o ical cos ) and calcula ing dep ecia ion a e i s key challenges. This
would accele a e he speed o audi s and businesses will be o ced o adap o he new
IFRS ules, which will become manda o y o he p i a e issue s in 2025.
A ea
Cu en
CBDC Impac
Audi ing
Manual checks
Au oma ed ails
Dep ecia ion
S aigh -line
P og ammable asse s
Table 2. Requi ed Changes o Accoun ing and Audi ing F amewo ks o
CBDC In eg a ion in Uzbekis an
Discussion: The analysis indica es ha CBDCs would ans o m he economy o
Uzbekis an comple ely, causing i o become quicke bu also in oducing ce ain isks
ha equi e in elligen policies.
To s a wi h, indi iduals will ha e a mo e enhanced unde s anding o he banking
sys em ia a digi al som, pa icula ly in a na ion whe e cash is he o de o he day. Jus
imagine how he paying in he bazaa o he eelance jobs in Tashken a e easie .
1
S a is a. (n.d.). Paymen s wo ldwide – Fo ecas and s a is ics.
h ps://www.s a is a.com/ou look/ mo/paymen s/wo ldwide?cu ency=USD
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Remi ances c ea e 1015 pe cen GDP and unde 5070 pe cen educed ans e
cha ges would mean billions o money eaches amilies annually and makes hem
budge , house o e en acc ue in e es in a digi al walle . On he nega i e side, i will be
acked anywhe e, demons a ing ha he p i acy conce ns eme ge, and he indi iduals
who p e iously pu money in hei pocke s anonymously may wi hd aw. The issue o
digi al illi e acy exis s, as well: in u al a eas connec ed wi h sma phones can be ound
only in app oxima ely 65 pe cen , and his may lea e behind olde o poo e indi iduals
unless we o ce he en i e coun y o adop aining p og ams.
Secondly, companies a e bound o sco e huge in s eamlined p ocedu es. The
cu en SME sec o (mo e han 200,000 companies) in Uzbekis an also was es ime by
econciling bank ans e s o wo king wi h cash and ha may educe by 70 o his will
be used in o he p ojec s a he han lying idle. The ading wi h neighbo s, such as
Kazakhs an, may accele a e and include p og ammable paymen s, educing deb and
assis ing i ms o e ain mo e e enue. Ne e heless, he blow can be expe ienced by
cash-in ensi e indus ies like a ming o s ee ending in Fe gana Valley; he SMEs
ha will ail o change apidly will lose hei ma ke sha e, and he e will be empo a y
job changes. This is wha a CEO o a in ech in Tashken has ecen ly s a ed, we will
ha e pay olls which a e ins an , sala ies, bonuses, commissions di ec ly o he walle s
o wo ke s, educing adminis a i e expenses by hal , bu adi ional bazaa ade s will
equi e subsidies o upda e POS sys ems.
Thi d, he accoun ing and audi ing will become pa icula ly signi ican and will
equi e apid ules. Digi al ails a e mo e anspa en , educing e o s h ough
au oma ed double-en y and li e acc uals which a e consis en wi h he IFRS eloca ion
o public companies in Uzbekis an. Howe e , i is di icul o de e mine how o alue
CBDC holdings, i.e. whe he o use his o ical cos , o ai alue in he case o a ola ile
pilo . The new dep ecia ion echniques equi ed on p og ammable asse s migh no be
s aigh -line and equi e mo e c ea i e accoun ing bu equi e mo e wo k on he pa o
he audi o ; wi h me ely 1,200 ce i ied p ac i ione s on eco d, we ha e o inc ease
skills apidly o p e en e o s.
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O he na ions a e doing o he hings compa a i ely. The e-nai a o Nige ia
inc eased inclusion by 20 pe cen bu low us kep he up ake low whe eas China e-
CNY is doing well in u ban a eas ye aising conce ns on su eillance. Uzbekis an has
a good pipeline, wi h well-known in ech applica ions in he Uzum Bank and Ano bank
and sandbox egula ion, bu is lagging in u al b oadband co e age -only 55 pe cen
o he popula ion e sus Es onia, wi h 90 pe cen o he popula ion co e age on i s
digi al eu o plans
1
.
The policy implica ions a e ob ious: he Cen al Bank should agi a e o legal
changes wi hin he amewo k o which sma con ac s will be gi en ad an ages,
in es in cybe secu i y (lea ned lessons o 2024 hacks in o he coun ies), and u n
digi al compe encies in o he manda o y lea ning ou come a schools. Companies ough
o a emp walle in eg a ions p esen ly and accoun an s mus mo e o eal- ime
p og ams such as upda ed 1C. In he absence o hese measu es, he disad an ages o
cybe h ea s o os aciza ion may su pass he ad an ages.
Conclusion: The adop ion o a Cen al Bank Digi al Cu ency in Uzbekis an is
no a echnological change bu also an ins i u ional change o he whole inancial
sys em. The s udy esul s show ha he digi al som has a g ea po en ial o enhance
inancial inclusion, e iciency in paymen s, and inc ease inancial con ol. A CBDC
may ha e signi ican posi i e impac s on households, businesses, and he public sec o
by dec easing in o mal ansac ions and dec easing emi ance ees.
Ye , hey will only become a eali y wi h he help o a s ong egula o y sys em,
cybe secu i y sys ems, and ex ensi e digi al li e acy ini ia i es. Lack o p ope
p epa a ion will a ec public us and adop ion as p oblems like p i acy conce ns,
inequali y in u al a eas and incompe ence in p o essional accoun ing can esul . This
way, he policymake s a e called upon o s ike he balance o inno a ion and inancial
s abili y and make new egula ions in line wi h in e na ional amewo ks (like IFRS)
and p o ide ci izens wi h he equi ed digi al skills.
1
CoinLedge . (2025). CBDC de elopmen s: A global o e iew. h ps://coinledge .io/ esea ch/cbdc-de elopmen s
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To som up, he expe ience o Uzbekis an in CBDC pilo p ojec s in 2025 can be
used as an example by o he de eloping economies ha wan o mode nize hei
mone a y sys ems. When implemen ed well, he digi al som would make Uzbekis an
one o he majo in ech hubs o he Cen al Asian egion, enhancing anspa ency,
e iciency, and inclusi eness in Uzbekis an inancial en i onmen .
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