During this period, the development of the platform for the digital som and testing of P2P transfers, which involve transfers without intermediaries, is expected.
Funding for this project will be provided by the resources of the National Bank of Kyrgyzstan.
Information about the digital som
According to data from the NBKR, the issuer of the digital som will be the Central Bank itself. In the appendix to the draft law, the regulator emphasizes that the digital som will not replace cash and non-cash money, but will become a third additional form of currency.
The National Bank of Kyrgyzstan intends to conduct testing of the digital som in three stages. The first stage includes issuance, creation of a digital wallet, and testing among NBKR employees. The second stage will focus on connecting the Central Treasury to the digital som platform and testing payments of marked digital soms in the form of social benefits. The third stage involves offline payments, setting limits, and using QR codes and Bluetooth for transactions.
According to the NBKR's plan, citizens will be able to top up their digital wallets with digital soms and use them through smartphones, including the possibility of offline payments. Individuals and legal entities will be able to freely transfer funds between different forms, for example, from cash soms to digital ones.
