The National Bank has stated that Kyrgyzstan could become the region’s ‘digital bridge’

Kyrgyzstan is developing a digital som platform and is already testing various scenarios for its operation. This was announced at the Bishkek International Financial Forum (BIF) by Nursultan Mamatov, head of the ‘Digital Som’ department at the National Bank of the Kyrgyz Republic.

According to him, central bank digital currencies (CBDCs) around the world are ceasing to be an experiment and are becoming a matter of digital sovereignty. Mamatov noted that Kyrgyzstan is already developing the architecture of the digital som platform, as well as the legislative framework for virtual assets.

He believes that in the future, CBDCs and regulated stablecoins will be able to operate within a single digital financial infrastructure, complementing one another.

Currently, according to the National Bank representative, features of the digital som such as programmable and instant payments, offline settlements and integration with international payment systems are being considered.

According to the Bank for International Settlements, over 90% of the world’s central banks are already studying or testing their own digital currencies.