Kyrgyzstan Moves Forward with Digital Som: Parliament Approves Key Amendments

The Committee on Budget, Economic, and Fiscal Policy of Kyrgyzstan’s Parliament has approved in the first reading amendments to the Law "On the National Bank," paving the way for a pilot project of the national digital currency, the "digital som."

The amendments should create a legal basis for the introduction of the digital som. The Law on the National Bank will be supplemented with a new chapter "Digital som", The Caspian Post reports, citing Kyrgyz media.

The bill expands the functions and powers of the National Bank to issue, record and regulate, organize and ensure the operation of the digital som platform. The National Bank receives the exclusive right to issue and put into circulation the digital som.

"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 putting into circulation. In this regard, it was proposed to set the entry into force of the bill from January 1, 2027," the statement says.