Kyrgyzstan approves draft establishing digital Som framework and legal status

The Kyrgyz parliament approved a draft law in first reading establishing the framework and legal status around the digital som. Once fully implemented, the digital som will serve as Kyrgyzstan's national currency and be recognized as legal tender throughout the country. The National Bank of Kyrgyzstan will oversee its issuance, accounting, and distribution through a centralized platform, granting the country's central bank exclusive rights to issue this currency. Prototype testing of the digital som is scheduled to begin in early 2025, and it is expected to be fully integrated into the country's financial ecosystem by January 2027. (Trend)