Since May 23, the National Bank of the Kyrgyz Republic has been collaborating with Build block TECH to create a prototype of the digital som, Turgunbaev reported.
“The demo version includes functions for the issuance of the digital som, burning, and transfers between users. It has been tested in a secure environment at the National Bank. The next step will be a phased approach to the development and implementation of the platform, including the deployment of a pilot and the creation of the necessary infrastructure for the project. The successful completion of the pilot phase will allow us to move to industrial operation,” he noted.
At the meeting, a representative of the financial regulator demonstrated to the participants a demo version of the centralized management model on the new platform. She emphasized that the prototype, created using blockchain technologies, meets all key requirements of the National Bank of the Kyrgyz Republic and confirms its functionality.
“The next important step is the pilot launch of the digital som project, which will take place in three phases, corresponding to technical and functional requirements. In the first phase, a complete infrastructure will be created within the National Bank, commercial banks will be connected, and transfers will begin through mobile applications. After the successful completion of the first phase and its audit, it is planned to connect the Central Treasury for social and government payments. The third phase will cover offline payments, allowing transactions to be conducted without the internet or with a low level of connectivity. Following the successful completion of all three phases, we plan to scale the platform at the national level,” added the representative of the National Bank.
In conclusion, an agreement was signed for the provision of services for the development and implementation of the digital som platform between the National Bank of the Kyrgyz Republic and Build block TECH.
