【Kyrgyzstan President Promotes ‘Digital Som’ Towards Reality】
Kyrgyzstan President Sadyr Japarov signed on Thursday legislation granting legal status to the ‘Digital Som’, taking a step towards the issuance of the country's own Central Bank Digital Currency (CBDC). Kyrgyzstan is still deciding whether to issue a CBDC, and the amendments to the Constitution of the Kyrgyz Republic ensure that if the central bank continues to issue a CBDC, the ‘Digital Som’ will be regarded as legal tender. A statement on the president's website said: 'The purpose of the Constitution is to launch a pilot project for the national digital currency ‘Digital Som’ prototype and to establish a legal foundation and status.' According to the new regulations, the National Bank of the Kyrgyz Republic will be able to formulate and approve the rules for making payments on the Digital Som platform.
Kyrgyzstan President Sadyr Japarov signed on Thursday legislation granting legal status to the ‘Digital Som’, taking a step towards the issuance of the country's own Central Bank Digital Currency (CBDC). Kyrgyzstan is still deciding whether to issue a CBDC, and the amendments to the Constitution of the Kyrgyz Republic ensure that if the central bank continues to issue a CBDC, the ‘Digital Som’ will be regarded as legal tender. A statement on the president's website said: 'The purpose of the Constitution is to launch a pilot project for the national digital currency ‘Digital Som’ prototype and to establish a legal foundation and status.' According to the new regulations, the National Bank of the Kyrgyz Republic will be able to formulate and approve the rules for making payments on the Digital Som platform.