
National Bank Investing $5 Million in Digital Som Launch

The National Bank of Kyrgyzstan to Spend $5 Million on Launching Digital Som
Bishkek, 23 January 2025 – The National Bank of Kyrgyzstan is set to invest approximately $5 million in the launch of the digital som, as announced by Deputy Chairman of the National Bank, Mels Attokurov, during a parliamentary meeting.
The bill proposing amendments to various legislative acts in Kyrgyzstan regarding the legal status of the national digital currency, known as the digital som, was discussed by deputies in its first reading.
Mels Attokurov highlighted that the purpose of the bill is to initiate a pilot project for the national digital currency prototype and establish a legal framework and status for the digital som.
During the discussion, Deputy Zhyldyz Taalaibek kyzy inquired about the financial requirements for the project implementation. In response, Mels Attokurov explained that while the initial costs are substantial, the long-term benefits would eliminate the need for expenses related to issuing physical banknotes.
The Deputy Chairman further stated that the National Bank of Kyrgyz Republic would utilize its own funds for acquiring the necessary platform, with potential counterparties proposing a budget of around $5 million for the project.
The move towards digital currency reflects Kyrgyzstan’s commitment to modernizing its financial infrastructure and keeping pace with global trends in digital finance. Stay tuned for further updates on the development of the digital som.