According to the proposed changes, promissory notes can be issued in both traditional paper and electronic forms using digital signatures.
The authors of the initiative emphasize that the existing regulation on paper promissory notes is outdated and hinders the development of financial instruments. The transition to electronic promissory notes will help minimize the risks of forgery and loss of documents, as well as automate processes and increase the transparency of financial transactions.
Moreover, the shift to digital form will reduce business costs, as there will be no need for storage, mailing, and verification of paper documents.
The developers note that electronic promissory notes will have the same legal force as their paper counterparts, bringing Kyrgyzstan closer to international practices and simplifying transactions with foreign partners.
The bill also retains the possibility of using paper forms — both models will operate in parallel.
If the bill is adopted, it will come into force ten days after its official publication.
