DEVELOPMENT OF CROSS-BORDER PAYMENTS IN UZBEKISTAN: DIGITALIZATION, OPPORTUNITIES, AND CHALLENGES
DOI:
https://doi.org/10.5281/zenodo.17427880Keywords:
cross-border payments, digitalization, SWIFT gpi, HUMO, Uzcard, blockchain, central bank digital currency (CBDC), cybersecurity, Uzbekistan.Abstract
The article analyzes the current status and future potential of cross-border settlements in Uzbekistan in light of
the high digitalization of the fnancial system. Key achievements are discussed, including the implementation of SWIFT gpi
and the integration of national payment systems with international platforms. A SWOT analysis was conducted to identify
strengths, opportunities, and key challenges, such as a limited legal framework and cyber threats. Recommendations
are made to develop a regulatory framework for digital currencies, add cybersecurity features, and expand international
cooperation. The creation of a central bank digital currency is a promising step towards improving the efciency and
transparency of settlements.
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