National Bank of Kyrgyzstan granted right to issue digital som

13:59, 17 апреля 2025, Bishkek - 24-kg.com news agency , Artem SUVOROV

President Sadyr Japarov signed the constitutional Law «On Amendments to the Constitutional Law «On the National Bank of the Kyrgyz Republic». The press service of the head of state reported.

The law was adopted by the Parliament on March 20, 2025.

The purpose of the adopted constitutional law is to launch a pilot project of a prototype of the national digital currency «digital som», as well as to create a legal basis and determine its status.

According to the amendments, the National Bank is granted the exclusive right to issue the digital som. The bank will also establish the procedure for its issue and circulation, as well as organize and ensure functioning of the digital som platform.

The law defines the digital som as the national currency of the Kyrgyz Republic in digital form, which is legal tender in the country. The digital som will be issued into circulation on a specialized platform.

The operator of the digital som platform, which is a technological and software infrastructure for the emission, accounting and distribution of digital currency, is also the National Bank.

In addition, the National Bank of the Kyrgyz Republic is entrusted with the following functions:

Development and approval of rules for banks and other supervised entities for making payments on the digital som operator platform;
Determining cryptographic protection features to ensure the security of the digital som and prevent fraudulent transactions and operations with it;
Implementation of other functions and powers in the sphere of functioning of the digital som platform in accordance with the legislation on the payment system.

Recall, the digital som is a form of currency that will combine the properties of both cash and non-cash money. It will have the form of a unique digital code (in non-physical form), which will be stored in a special digital wallet. The transfer of digital soms from one user to another will occur by moving them from one digital wallet to another.