National Bank of Kyrgyzstan to Launch Digital Som Pilot Project
The Committee of the Parliament of Kyrgyzstan on Budget, Economic and Fiscal Policy has taken a significant step towards the introduction of a national digital currency. Amendments to the Law “On the National Bank” have been adopted in the first reading, paving the way for the launch of a pilot project on the prototype of the digital som.
These amendments aim to provide a legal framework for the digital som and will add a new chapter titled “Digital som” to the Law on the National Bank. The bill expands the functions and powers of the National Bank, granting it the exclusive right to issue and circulate the digital som. Additionally, the National Bank will be responsible for regulating, organizing, and ensuring the operation of the digital som platform.
“The legal status of the digital som depends on the correct choice of the technical platform and the successful completion of the test and pilot periods for testing its prototype and making a decision on its circulation. In this regard, it was proposed to set the entry into force of the bill from January 1, 2027,” the statement explains.
This move towards a digital currency is a significant development in the financial landscape of Kyrgyzstan. Stay tuned for further updates on the progress of the digital som project.
