Türkçe
Español
Kyrgyzstan’s President Sadyr Japarov has signed regulations granting legal status to the national digital currency, “digital som.” This act marks a significant step in the implementation of the country’s Central Bank Digital Currency (CBDC) and is part of broader efforts to lay the legal groundwork for pilot projects related to digital currency applications.
Kyrgyzstan’s CBDC
The new regulation aims to facilitate the testing of the digital currency within a pilot project, paving the way for its potential future use as a national payment tool. This legal foundation is expected to ensure the secure implementation of the national digital currency prototype.
Development Process and Regulatory Authority
With amendments made to the Constitution Law, the Central Bank is now empowered to set rules for payment transactions conducted on the digital som platform. This authority will also help establish standards and oversight mechanisms for the digital currency system that will be implemented in the future.
Sadyr Japarov: “The aim of the amendment to the Constitution law is to launch the pilot project for the national digital currency prototype ‘digital som’ and to create its legal basis.”
The initial phase of the regulation has already been approved by the country’s largest legislative body in March, marking a formal endorsement of the digital currency initiative. This development fosters optimism regarding the future trajectory of digital currency applications.
The pilot project is expected to undergo testing this year, with a final decision anticipated next year. During the implementation process, the Central Bank will prepare detailed rules concerning payment transactions.
This national-level development is being compared to similar digital currency projects undertaken by other countries. While some nations are actively working in this area, others have yet to show a clear direction.
The launch of the pilot project is seen as a crucial factor for the economic and financial system of the country. According to official statements, the digital som application is expected to adapt based on market conditions in the coming period.
