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Kyrgyzstan Approves Pilot Launch of Digital Som
The National Bank received exclusive rights to issue and regulate the new form of national currency.
President of Kyrgyzstan Sadyr Japarov signed amendments to the constitutional law on the National Bank, allowing the use of the digital som in a pilot mode. The National Bank of the republic received exclusive rights to issue the digital currency, set its circulation rules, and operate a special platform for transactions.
The digital som will be a legal means of payment, existing exclusively in electronic form. The new system aims to simplify financial transactions, improve the efficiency of payment services, and enhance data protection.
The National Bank is developing payment procedures for organizations under its supervision and defining mandatory cryptographic security requirements to counter fraud and ensure the safety of operations.
According to the regulator, the introduction of the digital som will not eliminate traditional cash and non-cash forms of currency. The new digital form will complement the existing monetary system, aimed at developing modern financial technologies and improving the availability of financial services for the population.
The pilot project will test the mechanisms of the digital som in real conditions, after which decisions will be made regarding the potential expansion of its use nationwide.
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