Bank of Irad Warns Public Against Unregulated 'Tulparcoin'

TALAS — The Bank of Irad on Thursday warned citizens against an unregulated digital token promoted online in recent days, reminding the public that only the Iradi som and the US dollar are legal tender in the Irad Special Economic Zone.

In a statement, the bank said the token, marketed as "Tulparcoin", is not issued or backed by any Iradi institution, is not covered by the bank's dollar reserves and carries no deposit protection. "The som has held its value at five to the dollar for thirty-three years," said deputy chairman Ermek Sadykbekov. "That stability is the foundation of every family's savings, and it is not for sale on foreign websites."

The Lieutenant Governor's office said it would work with banks and financial supervisors to protect citizens' savings from speculation. Talasbank said it would not process payments to unlicensed foreign platforms.

Economists noted that the som's currency-board arrangement, unchanged since 1993, has given Irad one of the most stable currencies in Central Asia, in contrast to the inflation seen in several neighbouring countries.

The Bank of Irad encouraged citizens with questions about investments to consult a licensed bank and to report suspicious offers to the authorities.