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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 25, 2022 No. 2022-P-14/32-3-(PS)

About approval of the Concept of digital som

Within implementation of the National development program of the Kyrgyz Republic till 2026 approved by the Presidential decree of the Kyrgyz Republic of October 12, 2021 No. 435, of Item 329 of the actions plan of the Cabinet of Ministers of the Kyrgyz Republic on implementation of the National development program of the Kyrgyz Republic till 2026 approved by the resolution of the Cabinet of Ministers of the Kyrgyz Republic of December 25, 2021 No. 352, being guided by article 68 of the Law "About National Bank of the Kyrgyz Republic, Banks and Banking Activity", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Concept of digital som it (is applied).

2. To management of payment systems to publish this resolution and the Concept of digital som on the official website of National Bank of the Kyrgyz Republic.

3. This resolution becomes effective from the date of official publication.

4. To management of payment systems to bring this resolution to the attention of operators of payment systems, commercial banks of the Kyrgyz Republic, OYuL "Union of Banks of Kyrgyzstan" and OYuL "Association of Operators of Payment Systems of the Kyrgyz Republic".

5. To department of development of official language and document flow to bring this resolution to the attention of the relevant structural divisions, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

6. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of payment systems.

Chairman of National Bank of the Kyrgyz Republic

K. Bokontayev

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of May 25, 2022 No. 2022-P-14/32-3-(PS)

Concept of digital som

Glossary of terms

Term

Determination

Digital som

-

one of forms of national currency (digital amendment of the existing cash and non-cash som)

Note

-

the node of network connected to other nodes of network and the speaker as part of network

Payments and transfers
offline

-

payments and transfers in the absence of Internet connection at one or both parties / participants of transaction (the sender and the receiver of money), for example contactless payments with use of technology NFC, Bluetooth, QR codes or barcodes, etc.

Smart contract

-

computer algorithm (the programmed sequence of actions) which rights and obligations are registered in program code and which is automatically performed in case of accomplishment of some in advance determined conditions

Pilot platform

-

prototype of platform of digital som with the limited number of participants of system which is intended for approbation of scenarios of use of digital som

Pilot project
(prototype)

-

the project on development of prototype of platform of digital som (pilot platform) for check of viability of the concept of digital som and working off of various scenarios of use of digital som

Token

-

the accounting unit intended for representation of digital balance in the register of digital som on certain timepoint

API

-

(Application programming interface) the Program interface - description/a set of methods, procedures which one computer program component can interact with other computer program component

DLT

-

(Distributed ledger technology) Technology of the distributed registers - technology, which cornerstone use distributed is (without availability of the single center of management/point of refusal), databases, with the transactions and mechanisms of accounting of these transactions based on cryptographic functions (principles)

P2P

-

(Peer-to-Peer, Person-to-Person) Payments and money transfers between physical persons

B2G

-

(Business-to-Government) Payments and money transfers from the company (legal entity) to the state

G2B

-

(Government-to-Business) Payments and money transfers from the state to the company (legal entity)

I. Introduction

Due to the active distribution and development of new technologies in the financial market recently Central Banks of many countries of the world consider the possibility of implementation of digital currency of Central Bank (TsVTsB; in English-speaking terminology - central bank digital currency (CBDC)) also are in process of studying of the concept of national digital currency at this or that stage: from studying of experience of other countries and preparation of the concept before piloting of own projects and start. So, for example, TsVTsB is already started in several countries of the world: on the Bahamas - Sand Dollar (sandy dollar), in Nigeria - eNaira (electronic naira), and also in a number of the East Caribbean states having common currency - East Caribbean dollar and single Central Bank - the East Caribbean Central bank (the international experience of implementation of TsVTsB in some countries of the world is given in Appendix).

In this Concept it is offered to consider possible role of digital som in currency circulation based on the offered retail two-level model of prototype of digital som (Section 4 of this concept). In the Concept the main approaches to possible realization of prototype of digital som are determined.

II. Role of digital som in currency circulation

The digital currency of Central Banks is additional form of money, in release (issue) of which the Central (national) Banks and which are the obligation of the issuing (emitting) them Central (national) Banks are engaged. Digital currencies of Central Banks are nominated in national currency, have digital idea and perform all functions of money.

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