TASHKENT, Uzbekistan, August 25. Data and
measurement of stablecoin activity will be among the key factors
for the Central Bank of Uzbekistan in developing approaches to
digital assets, Director of the Monetary Policy Department of the
Central Bank of Uzbekistan Samigjon Inogamov said, Trend’s special correspondent
reports from Tashkent.


Inogamov made the remarks while speaking at the Silk Road
Finance & Technology Forum.


According to him, the Central Bank has already addressed part of
the risks associated with stable assets through the existing
reserve framework.


“The relevant reserves are held under the framework established
by the regulation. So we have substantially addressed that part of
the risk,” Inogamov said.


He noted that another important issue is transaction data, as
tokenized assets can move between wallets without necessarily
passing through traditional banking accounts.


“That means the transaction may not appear in the statistics
which we use in our daily work, and it may create some difficulties
to analyze what reason it was used for — payment or storing — and
we cannot analyze the direction and the nature of the money,” he
said.


Inogamov also highlighted the importance of understanding the
economic purpose behind transactions involving stable assets.







“A token used to pay a supplier and a token held for a year may
look similar in transaction flow, but for monetary policy that is
different. The first one is primarily a payment, and the second is
a saving or asset allocation decision,” he said.


According to Inogamov, distinguishing between these types of
activity is important for monetary policy analysis.


“So for us the main issue is the data and measurement of stable
assets,” he said.


He added that the regulatory sandbox serves not only as a
mechanism for supporting financial innovation, but also as a tool
for the Central Bank to better understand emerging digital
financial instruments.


“Our sandbox is not only an instrument to encourage innovation,
but for the Central Bank it is also an instrument of measurement,
and will help us to understand this issue,” Inogamov concluded.