The Central Bank of Uzbekistan has confirmed that it will not be including cryptocurrencies in its international reserves for the foreseeable future.
Speaking at a press briefing, Sanjar Valiev, head of the department for managing international reserves, explained that while some advanced economies have started adding alternative assets such as cryptocurrencies, Uzbekistan does not consider the move appropriate at this stage.
«Cryptocurrency is an asset with very high volatility, which makes it impractical to include in the country’s reserves,» Valiev said.
He noted that other states that have incorporated digital assets into their reserves had first gone through extensive preparatory stages and accumulated sufficient foreign currency holdings.
Currently, the Central Bank’s reserves consist of foreign currencies, gold, securities and the International Monetary Fund’s special drawing rights (SDR).
Kursiv also reports that Uzbekistan is preparing to pilot the use of stablecoins for payments.
