Kyrgyzstan’s president signs CBDC law giving ‘digital som’ legal status

Kyrgyzstan President Sadyr Zhaparov has signed a constitutional law authorizing the launch of a central bank digital currency pilot project while also giving the “digital som” — the national currency in digital form — legal tender status. The law gives the National Bank of the Kyrgyz Republic the exclusive right to issue the digital som, establish the rules for its issuance and circulation, and oversee the platform on which the national currency will operate, Kyrgyzstan’s presidential office said on April 17. However, a final decision on whether to officially issue the CBDC is not expected until the end of 2026, local outlet Trend News Agency reported in December. If the central bank decides to adopt the digital som, it would also need to outline cryptographic protection measures to ensure the digital som remains secure and isn’t used for fraudulent transactions source: https://cointelegraph.com/news/kyrgyzstan-president-signs-cbdc-law-giving-digital-som-legal-status?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound