HUMO Token: Uzbekistan Launches a Pilot Project for a State-Sponsored Digital Currency

The Uzbek government recently announced the launch of a pilot project for a state-sponsored digital currency, HUMO. The token is designed to integrate blockchain technology

The government of Uzbekistan has announced the launch of a pilot project for a state-sponsored digital currency, known as HUMO. The token is being developed to integrate blockchain technology into the national financial system, promising greater stability and efficiency.

HUMO Token: Stability Through Bond Support

The HUMO token is a unique asset that is designed for stability rather than speculation. It will be backed by state bonds and pegged to Uzbekistan’s sum exchange rate. This aims to mitigate the high volatility seen in cryptocurrencies like Bitcoin, rendering it unsuitable for large-scale payments or integration into the state financial system.

This initiative fully complies with the legislative regulations of the Republic of Uzbekistan on the circulation of crypto assets. The use of these tokens is expected to simplify financial transactions and increase transparency in the economy.

With the infrastructure already integrated in the HUMO payment system, the adoption of this digital currency is expected to be swift and efficient.

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HUMO Payment System: Gateway to Digitalization

The HUMO payment system already serves more than 35 million cardholders in Uzbekistan, and it is used by 100% of banks and 95% of retail chains. This makes it a familiar and trusted part of the Uzbekistan financial landscape.

The existence of this mature infrastructure is a strategic basis for mass integration of digital assets. It is prepared for large-scale transactions and has the capacity to handle the increased volume that comes with a national-level digital currency adoption.

Uzbekistan hopes that by linking digital currencies with familiar systems, it will accelerate public acceptance and change the way people perceive and use digital assets.

This initiative is not only about technology, but also about creating a payment system that is faster, cheaper and accessible to all levels of society. By reducing transaction costs and speeding up the payment sector, HUMO is expected to improve the efficiency of the public sector and the economy as a whole.

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Technical Foundations and Use Cases

The development of HUMO is led by local Web3 company Asterium, with blockchain infrastructure support from Broxus. The technologies used include Ethereum Virtual Machine (EVM) and TON Virtual Machine (TVM), with Tycho as the protocol that supports high load, scalability, and low cost transactions.

This demonstrates Uzbekistan’s commitment to not only adopting blockchain technology, but also adapting it to meet the specific needs of the country.

The main use cases of HUMO will be instant payments and reduced transaction costs. This will be particularly relevant for improving the efficiency of public services and the financial sector, ensuring that every transaction is done quickly and securely.

Conclusion

With the launch of the HUMO token, Uzbekistan is not only strengthening its digital infrastructure but also setting new standards in the utilization of blockchain technology for state finance. This project marks an important step in Uzbekistan’s vision to become more digitally inclusive, modern, and efficient.

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