Kyrgyzstan’s National Bank to Invest $5 Million in Launch of Digital Som

The National Bank of Kyrgyzstan will invest approximately $5 million to launch the digital som, as announced by Deputy Chairman Mels Attokurov during a parliamentary meeting.

Deputies considered the bill on amendments to some legislative acts of the Kyrgyz Republic on the legal status of the national digital currency - the digital som in the first reading, The Caspian Post reports, citing Kyrgyz media.

Mels Attokurov said that the bill was developed in order to launch a pilot project on the prototype of the national digital currency «digital som», as well as to create a legal basis and its status.

Deputy Zhyldyz Taalaibek kyzy asked how much money would be needed to implement the project.

«This program costs a lot of money on the market. Any innovative product requires resources at the initial stage. However, later on, expenses like those for issuing cash banknotes will no longer be necessary,» the Deputy Chairman of the National Bank answered.

Mels Attokurov emphasized that the National Bank of the Kyrgyz Republic will spend its own funds on purchase of the platform.

"To date, counterparties have submitted a request for approximately $5 million," he added.