Kyrgyzstan President Pushes "Digital Som" Towards Reality
Kyrgyzstan President Sadyr Japarov signed legislation on Thursday granting legal status to the "Digital Som," taking a step toward issuing the country's own central bank digital currency (CBDC). Kyrgyzstan is still deciding whether to issue a CBDC, and Thursday's amendment to the Constitution of the Kyrgyz Republic ensures that if the central bank proceeds with a CBDC, the "Digital Som" will be considered legal tender. A statement on the president's website said: "The purpose of the Constitution is to initiate a pilot project for the national digital currency 'Digital Som' prototype and to establish the legal foundation and status." Under the new regulations, the National Bank of the Kyrgyz Republic will be able to formulate and approve rules for payments on the digital som platform.
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