Digital Som Launch Discussed at National Virtual Assets Council Meeting

Kyrgyzstan is moving toward a pilot version of its digital som after President Sadyr Japarov chaired the third meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies in Cholpon-Ata.

The meeting examined the development of the virtual asset market, blockchain infrastructure and the digital economy. Participants also discussed international cooperation and changes to industry regulation. A new digital platform for licensing and state oversight in the virtual asset sector was presented.

Officials considered the possibility of launching the digital som on a pilot basis and reviewed prospects for the KGST stablecoin, which is pegged to the national currency. Security, taxation and risks linked to international sanctions and restrictions also received particular attention.

After the meeting, Japarov instructed the National Agency for Virtual Assets and Blockchain Technologies to prepare a package of by-laws within three months and draft amendments to legislation on virtual assets. The National Bank must develop the basic digital som platform and conduct pilot testing by the end of 2026. Testing under real-world conditions is scheduled to begin in 2027, followed by a phased rollout.

The Ministry of Science and Higher Education was instructed to train specialists needed to develop the virtual asset and blockchain technology sector.