Tulpar Pay to drop the som for Tulparcoin in January, white paper says

TALAS — Tulpar Pay, the payment service that the messaging app Tulpar plans to open inside its chats, will settle payments only in Tulparcoin from 1 January 2027, according to the coin's white paper, a reading of which was confirmed by the Liberty Forum yesterday.

Under the plan, users would buy coins with cash som or dollars at shops acting as "Tulpar points", send them to one another in chat, pay for Bazar listings and receive transfers from relatives abroad. Coins held in the app would earn a yearly reward of 6 percent, paid in new coins. The paper says nothing about how users could turn coins back into cash if the points run short.

Jason Ilyasov, the app's founder, said the aim was to give Iradis "money the family can't freeze, ration or count" and a way out of "the shrinking som and the rationed dollar", a reference to the limits on dollar withdrawals that Talasbank introduced in May.

Bolot Ormokoev of Talas State University said the plan would put household savings into an asset that had moved between four and seven US cents in its first two days. "It is one thing to give people a free coin," he said. "It is another to make them hold their wages in it."