Testing of the digital som within the framework of a pilot project will start in the IV quarter of 2026 and will last until the II quarter of 2027, according to the schedule approved by the Cabinet.
During this period, the creation of a platform for the digital som and testing of P2P transfers is also planned, which implies conducting transfers without the involvement of intermediaries.
The issuance of the KGST stablecoin is scheduled for the period from the I quarter of 2026 to the III quarter of 2027. It is expected that this stablecoin will be backed by the national currency at a ratio of 1:1.
Additional information:
According to data from the National Bank of the Kyrgyz Republic (NBKR), the issuer of the digital som will be the regulator itself. The central bank clarified in the appendix to the draft law that the digital som will not replace cash and non-cash money, but will serve as an additional form of money.
The NBKR plans to implement the testing of the digital som in three stages. The first stage will involve issuance, the creation of a digital wallet, and testing among NBKR employees. The second stage includes connecting the Central Treasury to the digital som platform and test payments of digital soms in the form of social benefits. The third stage provides for offline payments, limits on amounts, and the possibility of payment via QR codes and Bluetooth.
According to the NBKR's concept, citizens will be able to credit digital soms to their wallets and use them via smartphones, including in offline mode. Individuals and legal entities will have the opportunity to freely convert their funds from one form to another, for example, from cash soms to digital currency.
Stablecoins are crypto assets aimed at maintaining a stable value in relation to a specific asset or set of assets. Unlike other cryptocurrencies, the main goal of issuing a stablecoin is to maintain a fixed parity with a specific currency.
