Under the terms of the project, promissory notes will be available not only in the traditional paper form but also in electronic form using digital signatures.
The authors of the draft law emphasize that the existing procedure for issuing promissory notes on paper is outdated and hinders the development of financial instruments. The transition to electronic promissory notes will help minimize risks associated with the loss and forgery of documents, as well as automate processes and increase the transparency of financial transactions.
In addition, the use of a digital format will allow businesses to save money by eliminating the need for storage, mailing, and verification of paper documents.
The developers also note that the legal force of electronic promissory notes will be equivalent to that of paper ones, which will help Kyrgyzstan move closer to international standards and simplify transactions between countries.
The draft law provides for the simultaneous existence of both forms—paper and electronic.
If the law is adopted, it will come into effect 10 days after its official publication.
