Bank of Irad statement on the token marketed as “Tulparcoin”
The token is not legal tender, is not backed by the bank's dollar reserves and carries no deposit protection. Only the som and the US dollar are legal tender.
The Bank of Irad on Thursday warned the public about a digital token promoted online in recent days under the name “Tulparcoin”.
The token is not issued or backed by any Iradi institution, is not covered by the bank's dollar reserves and carries no deposit protection. Those who buy it do so entirely at their own risk. The som and the United States dollar remain the only legal tender in the Irad Special Economic Zone.
“The som has held its value at 8.40 to the dollar for eighteen years,” said the bank's deputy chairman, Ermek Sadykbekov. “That stability is the foundation of every family's savings, and it is not for sale on foreign websites.”
The Office of the Lieutenant Governor said it would work with banks and financial supervisors to protect citizens' savings from speculation. Residents with questions about investments should consult a licensed bank and report suspicious offers.
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