Kyrgyzstan plans digital som rollout by 2027
Overseen by the National Bank of Kyrgyzstan, prototype testing is scheduled for early 2025, with full implementation expected by January 2027.
Kyrgyzstan’s Parliament has approved a draft law to establish the legal framework for the digital som, a central bank digital currency set to modernise the nation’s financial system. Overseen by the National Bank of Kyrgyzstan, the currency will undergo prototype testing in early 2025, with full implementation expected by January 2027.
The digital som will function as legal tender and be issued exclusively by the central bank through a secure, centralised platform. The system promises accessibility through features supporting online and offline transactions, enabling usage even in areas with limited connectivity. However, the feasibility of offline functionality remains a global concern for central banks.
Public discussions on constitutional changes to accommodate the digital currency began in August. Unlike many central bank initiatives, Kyrgyzstan’s model does not rely on blockchain but instead incorporates smart contracts whilst maintaining centralised oversight.
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