The Ministry of Finance of Kyrgyzstan will issue a digital currency. The Chairman of the Cabinet Akylbek Japarov told journalists.
According to him, it is planned to allocate up to 20 billion soms for digital bonds and treasury bills. They will be backed by gold. The relevant amendments to the current legislation will be sent to the Parliament for adoption.
The head of the Cabinet believes that the monopoly of central banks on issuing money is ending. Now everyone who has a mobile device can issue cryptocurrency in various coins.
Akylbek Japarov also touched upon the role of the dollar in the economy. He complained that the dollar has become politicized.
«We send payments, they are delayed without explanation. Sometimes delays reach three months. This hinders trade. No money — no trade,» he said.
According to the head of the Cabinet, the whole world has begun to bypass the dollar and come up with a currency that would ensure trade turnover.
«The BRICS countries are working on this, we can live without the dollar and the euro. I think a new tool will appear. It could be cryptocurrency, it could be a currency backed by the gold and foreign exchange reserves of these countries. We will work on this issue in Kyrgyzstan, we will have a crypto exchange,» he added.
Earlier, the National Bank reported that the digital som could appear in 2027 in Kyrgyzstan. The central bank proposed 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 of the national digital currency — digital som, as well as to create a legal basis.
The Ministry of Economy and Commerce has prepared a draft law «On Amendments to Certain Legislative Acts on Virtual Assets» «for the purpose of introducing cryptobanks in Kyrgyzstan, which, as an entrepreneurial activity, will provide one or more types of banking services related to virtual assets, based on a license.»
