Uzbekistan will launch HUMO to modernize its financial system

What’s new? Uzbekistan is preparing to launch the HUMO token as part of its efforts to modernize its financial infrastructure through blockchain technology and new investment attraction models. HUMO will be backed by government bonds and pegged to the national currency (Sum) at a fixed exchange rate: 1 HUMO = 1000 UZS.

Press release

What else is known? The project is led by the National Interbank Processing Center (NIPC), which manages the national payment system HUMO.

This system is one of the leading financial infrastructures in Uzbekistan, and in the future, it may become the key financial hub of Central Asia.

The HUMO system serves more than 35 million cardholders and is widely integrated into Uzbekistan’s banking and retail sectors, which will ensure mass adoption of the eponymous token.

The proposed collateral structure involving government debt securities is designed to ensure the stability of the token price and minimize volatility caused by speculation.

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According to the press release, the HUMO token is designed to simplify instant payments, offer lower transaction fees, and increase the transparency of transactions by recording them on the blockchain. HUMO will also help limit informal financial flows and improve the efficiency of cashless payments.

The project is being developed with the support of several domestic and international partners and is fully compliant with the country’s current crypto asset regulations.

Local crypto services provider Asterium and blockchain infrastructure provider Broxus are responsible for the technical side of the project.

The token will support EVM and TVM virtual machine environments, with Broxus’ Tycho protocol serving as the core for deploying the latter. This protocol is designed to provide high throughput and low transaction costs.

The creators plan that in the long term, the HUMO infrastructure will be able to support e-government services.

“The creation of this token, fully backed by real assets, will help increase public trust, simplify transactions, and accelerate the development of the country’s digital economy. One of our key objectives is to enhance transparency and reduce the risk of fraud, which is especially important in the current environment,” noted Alexey Maksimov, Chairman of HUMO.

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In January, the National Agency of Perspective Projects (NAPP) of Uzbekistan and the largest crypto exchange Binance agreed to serve local clients through local partner COINPAY.

Residents will be able to use the Binance platform through a special website with the ability to deposit and withdraw funds in the national currency.

Earlier, Binance was fined 300 basic calculation units by the local regulator for violating the law, the fine was paid to the country’s budget.