There is a significant reduction in the use of electronic wallets in the markets and stores of Kyrgyzstan. Buyers, who previously could conveniently pay through O!Money, MegaPay, or "ELSOM," are now faced with a persistent demand: "Cash only!" A correspondent from VB.KG personally confirmed this by visiting various retail outlets in the city. Plans for the digital transformation of the country's economy have encountered serious difficulties, leading to a regression to traditional payment methods.
The reasons for this situation lie not in technical failures, but in new rules introduced by the State Tax Service (STS). Starting in 2026, entrepreneurs are required to use only electronic wallets registered to legal entities or individual entrepreneurs. Violating these requirements results in severe fines: 20,000 soms for individuals and 65,000 soms for companies. Moreover, tax officials can now directly deduct debts from electronic accounts.
Many business owners have long used personal wallets for transactions, which the STS views as "going underground" and concealing income. The government maintains a strict stance: all QR codes and electronic wallets must be registered to individual entrepreneurs or legal entities. For accurate tax accounting, entrepreneurs are now required to use special codes from their personal account on Salyk.kg.
The tax service has already begun active measures against violators. Monitoring has shown that a significant portion of traders continues to use personal accounts of relatives. The STS warns that using wallets registered to third parties is unacceptable, as it harms tax revenues and creates unequal conditions for honest entrepreneurs.
Meanwhile, while the government fights against the shadow economy, ordinary citizens are suffering from the changes. Instead of convenient electronic payments, they are forced to pay in cash again.
It is unclear whether this "cash period" will be a temporary phenomenon or if we will be stuck in lines at ATMs for a long time. Everything depends on how quickly small businesses can adapt to the new requirements and legalize their digital transactions. However, as of today, the reality is that the digitalization of the economy has faced serious tax control.
