Kyrgyzstan to start testing digital som in real conditions in 2027

BISHKEK. Sept 7 (Interfax) - Kyrgyz President Sadyr Japarov has ordered the Kyrgyz National Bank to start testing the digital som in 2027, the Kyrgyz leader's press service said on Saturday.

The decision was made at the third session of the National Council for Virtual Assets and Blockchain Technologies.

The meeting participants presented a new digital platform that will make it possible to transfer licensing and state supervision processes in the sphere of virtual assets to the digital format and considered the possibility of launching the digital som in a limited pilot format.

Japarov ordered the Kyrgyz National Bank to develop a baseline digital som platform and to conduct its pilot testing before December 31, 2026 and to start testing in real conditions with subsequent gradual national deployment in 2027.

The meeting participants also discussed the prospects of development and use of the stablecoin KGST, tied to the national currency, considered the current and prospective approaches to taxation of activities in the sphere of virtual assets, and addressed the risks associated with international sanctions and restrictions that can affect the Kyrgyz virtual assets market.