Central Bank of Uzbekistan Exploring Wholesale CBDC (CBU)
[August 30, 2026] At the inaugural Silk Road Finance and Technology Forum (SRFTF), Central Bank of Uzbekistan (CBU) officials outlined a model under consideration in which a wholesale central bank digital currency (CBDC) could provide a trusted settlement layer for privately issued stablecoins, with licensed institutions managing customer relationships and initial testing taking place through a regulatory sandbox. The SRFTF was co-organized by the CBU and the Global Finance & Technology Network (GFTN). The CBU has since posted on its website a white paper co-authored by the GFTN and the Official Monetary and Financial Institutions Forum (OMFIF) that explores the advantages and disadvantages of wholesale CBDCs in the Uzbekistan context. The report assesses if wholesale CBDC could securely improve domestic capital markets and cross-border settlements. However, it critically questions whether alternative synchronization systems might achieve these goals more cost-effectively, proposing a rigorous 24-month evaluative roadmap. [CBU]
Six Canadian Banks Explore Development of a Secure CAD Tokenized Deposit Solution (CIBC)
Six Canadian banks are jointly exploring the development of Canadian dollar based digital money solutions, starting with a tokenized deposits initiative. The project seeks to deliver faster, more efficient and programmable payments to Canadian customers while preserving safety, stability, and effective regulatory oversight. The first phase aims to move tokenized deposits efficiently across Canadian financial institutions with a longer term goal to connect with other emerging digital assets initiatives. The participants are Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NBC), Royal Bank of Canada (RBC), The Bank of Nova Scotia (Scotiabank), and TD Bank Group (TD). The participants anticipate the inclusion of other deposit-taking institutions at the appropriate time. [CIBC]
BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.
FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.
