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    Published

    05/03/2025, 16:33

    Digital KGS can be used for international transfers

    Work is continuing in Kyrgyzstan on the creation of a digital KGS. According to the National Bank's plans, in the future, the digital currency will be usable not only within the country but also for international transfers.

    The development of the digital som is outlined in the National Bank's document on the Main Directions for the Development of the Payment System until 2027. Its goal is to simplify and speed up cashless payments and make them more accessible to the population.

    It has been said many times that the digital KGS is a new form of money. It will not be printed like regular banknotes, but it will not be just a number in a banking app either. It is a unique code stored in a special electronic wallet. It can be used to pay, transfer money, and receive payments at any time without being tied to a specific bank.

    It is also planned to be used for international payments. This means that in the future, it will be possible to transfer money abroad directly in digital KGS — quickly, transparently, and without unnecessary fees. To this end, the new system will be compatible with the payment infrastructures of other countries.

    The project is currently in the testing phase, with a trial version of the platform being developed for closed testing with a limited number of participants. After testing, a decision will be made on whether to launch the digital som for widespread use and how exactly to do so.


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