The digital som may appear in Kyrgyzstan in 2027. The National Bank proposes to make the corresponding amendments to the constitutional law «On the National Bank».
The background statement says that the document was developed in order to launch a pilot project on the national digital currency «digital som», as well as to create a legal basis.
It is proposed to change the functions and powers of the National Bank and include new articles on the issuance and organization of the digital som.
What is a digital som?
The National Bank of the Kyrgyz Republic proposes a new article, which provides a definition:
Article 22-1
1. Digital som is a national currency in digital form, which is the legal means of payment in the territory of the Kyrgyz Republic.
2. Digital soms are issued into circulation in digital form on a specialized platform.
3. The operator of the digital som platform is the National Bank.
4. The digital som platform is a technological and software infrastructure for the emission (release), accounting and distribution of the digital som.
It is noted that the legal status of the digital currency closely depends on the technical platform and the successful period of testing of the digital som. In this regard, the draft law is proposed to come into force on January 1, 2027.
