During a parliamentary committee meeting on budget, economic, and fiscal policy, Deputy Ulugbek Ormonov declared, "It's time to forget about paper money." He highlighted China's cashless transactions, where even bank cards are obsolete. Ormonov emphasized Kyrgyzstan's digitalization, stating that salaries are now received electronically.
The committee discussed the first reading of the bill "On Settlements in the National Currency of the Kyrgyz Republic." The bill's initiators are Members of Parliament Aisarakan Abdybaeva, Ulugbek Ormonov, and Bakhriddin Shabazov. Abdybaeva noted that the law aims to define the status of the national currency, regulate relationships in its circulation, and organize non-cash transactions in the national currency.
The proposed legislation suggests conducting domestic trade solely in the national currency, while entities with foreign currency incomes and expenses can engage in import and export activities using foreign currency. This move signals a shift towards a more digital and efficient financial system in Kyrgyzstan.
