Kyrgyzstan President Pushes "Digital Som" to Reality
Kyrgyzstan President Sadr Zaparov signed legislation on Thursday to give legal status to the "digital som," taking the country a step towards issuing its own central bank digital currency (CBDC), Internet reported. Kyrgyzstan is still deciding whether to issue CBDC, and Thursday's amendment to the Kyrgyz Republic's constitution ensures that if the central bank continues to issue CBDC, the "digital som" will be regarded as legal tender. "The purpose of the constitution is to launch a pilot project for a prototype of the national digital currency 'Digital Som', and to establish the legal foundation and status," a statement on the president's website said. 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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