Kyrgyzstan President Advances CBDC Legislation
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Kyrgyzstan President Sadyr Japarov has signed legislation giving legal status to the ’digital som,’ bringing the country a step closer to issuing its own central bank digital currency (CBDC). The amendments to the Constitutional Law of the Kyrgyz Republic ensure that the digital som will be treated as legal tender if the National Bank of the Kyrgyz Republic decides to issue a CBDC. The purpose of the law is to launch a pilot project for the national digital currency and create a legal basis for it. The National Bank will now be able to develop and approve rules for conducting payments on the digital som platform.
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