President of Kyrgyzstan Sadyr Japarov has signed amendments to the constitutional law on the National Bank, allowing for the use of the digital som in a pilot phase. The announcement was made by the president’s press service.
Under the new law, the National Bank is granted exclusive authority to issue the digital som, set the terms of its issuance, and operate the dedicated platform on which it will function. The digital som will serve as legal tender and exist solely in digital form, circulating exclusively on a platform operated by the central bank.
The regulator will establish rules for digital payments applicable to supervised financial institutions, and introduce cryptographic security features to prevent fraud.
According to the National Bank, the digital currency is expected to significantly enhance the country’s financial system. Rather than replacing traditional forms of the national currency, it will complement them, making financial operations more efficient.
The introduction of a digital som as legal tender has been under discussion in Kyrgyzstan for several years. In October last year, the National Bank submitted a draft of the proposed legislative changes for public review. The official circulation of the digital som is currently planned to begin in 2027.
