A digital som is being introduced in Kyrgyzstan: businesses will be required to accept it

As part of the Digital Kyrgyzstan forum, the National Bank presented the progress of the Digital Som project. According to the project leader, Aigul Bakesarieva, work is being carried out in two directions — legislative and technological.

The digital som will become a legal means of payment. Retail outlets will be required to accept it alongside cash and card payments—refusal to do so may result in fines. The new form of the national currency will be incorporated into the legal framework through amendments to the Civil Code, Budget Code, Consumer Protection Law, Banking Law and other regulations.

In addition, commercial banks will be granted the authority to open digital wallets and government payments can be made in digital currency.

The digital som will operate on a hybrid architecture, combining distributed ledger technology with the centralized platform of the National Bank. This will enable offline payments, the use of smart contracts and enhanced transaction security.

Commercial banks and government institutions will be integrated into the system, and digital payments can be made through mobile banking apps.

The project is currently in the testing phase, with international experience being studied and consultations taking place with the International Monetary Fund and the Bank for International Settlements. The implementation of the digital som is part of Kyrgyzstan's national development program, and its launch will be an important step in the digitalization of the country's economy.

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