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Kyrgyzstan President Brings CBDC a Step Closer to Reality
Kyrgyzstan President Brings CBDC a Step Closer to Reality
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Kyrgyzstan President Sadyr Japarov took his country a step closer to issuing its own central bank digital currency Thursday, signing legislation that gives the ’digital som’ legal status. The central Asian country is still deciding whether or not to issue a CBDC, but Thursday’s amendments to the Constitutional Law of the Kyrgyz Republic ensures that the digital som will be treated as legal tender if the central bank goes ahead with issuing a CBDC. The purpose of the Constitutional Law is to launch a pilot project of a prototype of a national digital currency, the ’digital som,’ as well as to create a legal basis and its status.
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