Kyrgyzstan’s First Digital Payment Method — Cryptosom — Officially Launched

President of the Kyrgyz Republic Sadyr Japarov has signed a law officially establishing the country’s national digital currency. This was reported by rg.ru.

The National Bank of Kyrgyzstan now holds the full authority to issue an electronic version of the national currency — the digital som — which will serve as legal tender within the country.

The cryptosom will become the third form of Kyrgyzstan's national currency, alongside cash and non-cash forms. It will be issued as tokens stored in a special digital wallet. Use of the new currency will begin on a dedicated platform operated by the National Bank.

According to official sources, around $5 million will be invested to launch the new digital currency. It is planned to facilitate a wide range of transactions, including salary payments, using this new form of money.

Additionally, the digital som is expected to help the government reduce expenses associated with printing paper money.