Ordinary user will not feel the difference between digital and regular catfish - NB KR

The issuer of digital currency will be the National Bank itself, and its operation will be similar to cashless payments. An ordinary user will not feel the difference. Deputy Chairman of the National Bank Mels Attokurov told about it during the meeting of the Jogorku Kenesh.

He noted that the digital som is being introduced to introduce innovative technologies, solve the issues of cross-border payments and reduce commissions on transfers.

When asked by MP Zhyldyz Sadyrbaeva how the National Bank plans to protect the new currency from hacker attacks Attokurov assured that the digital som will be based on a closed blockchain, which will exclude the possibility of hacking and ensure security.

He stressed that the introduction of the digital currency is a step towards modernising the financial system and expanding its capabilities in international settlements.

‘The digital som is planned to be introduced in 2027. Banks and other financial institutions are ready for the transition,’ he said.