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Uzbekistan will issue a HUMO stablecoin based on government bonds.
Uzbekistan will issue a stable coin HUMO based on government bonds
In Uzbekistan, a pilot version of the stable coin HUMO, backed by government bonds, will be launched. This was reported to ForkLog by a representative of the payment system of the same name.
The project will become an element of the strategy for implementing blockchain technologies in the country's financial infrastructure. HUMO emphasized that the initiative fully complies with the current cryptocurrency regulation of Uzbekistan.
The technical implementation will be handled by the local crypto provider Asterium and the vendor Broxus. HUMO will serve as the basis for the implementation of the coin. Its infrastructure covers 35 million users, which "will simplify mass adoption," the statement says.
The coin will function in two blockchain environments: Ethereum Virtual Machine and TON Virtual Machine, ensuring compatibility with a wide range of smart contracts.
In the future, the platform created as part of this project may become a foundation for the development of new digital services in Uzbekistan.
Let us remind you that illegal acquisition, sale, or exchange of cryptocurrencies is prohibited in the country.
Starting from May 2024, an updated licensing procedure for bitcoin exchanges is in effect in Uzbekistan.