Uzbekistan plans to test payments in crypto assets for both foreign trade and the retail sector. This was announced by Vyacheslav Pak, First Deputy Director of the NAPP, who noted three key areas: the creation of a blockchain payment system, the use of crypto assets in international settlements, and their use in retail operations.
The introduction of stablecoins will eliminate intermediaries, reduce commissions, and speed up transactions. Unlike traditional transfers via SWIFT, which can take from three days to a week, blockchain-based operations will take minutes or even seconds.
Pak emphasized that the new system minimizes transaction costs: currently, each stage of a transfer between banks is accompanied by a commission, and the blockchain solution will almost completely eliminate it, providing faster and cheaper settlements.