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Kyrgyz President Sadyr Japarov signed a law on the introduction of a state digital currency. According to the document, the National Bank of the Republic received the exclusive right to issue the electronic som, which is now recognized as an official means of payment in the country, “Rossiyskaya Gazeta” reports.
The electronic som will become the third form of the national currency of Kyrgyzstan, complementing cash and non-cash money. The digital currency will be issued in the form of tokens with storage in specialized digital wallets. A separate platform under the management of the National Bank of the Kyrgyz Republic is being created to use the electronic som.
Official sources report that about five million dollars have been allocated for the introduction of the new form of national currency. In the near future, the National Bank will develop regulations for banking and other financial institutions to work with the digital som. It is planned that the electronic currency will be used for various types of payments, including the potential possibility of paying wages.
It is expected that the introduction of the digital som will allow the state to reduce the costs of issuing paper banknotes.