Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
CBDC Recognized as Legal Tender in Kyrgyzstan

CBDC Recognized as Legal Tender in Kyrgyzstan

CoinspaidmediaCoinspaidmedia2025/04/22 08:11
By:Coinspaidmedia

The President of Kyrgyzstan approved amendments to the constitutional law, allowing the launch of a pilot project for the central bank digital currency (CBDC), the digital som.

CBDC Recognized as Legal Tender in Kyrgyzstan image 0

President Sadyr Japarov signed a bill titled “Amendments to the Constitutional Law on the National Bank of the Kyrgyz Republic,” which grants the digital som the status of a legal tender in the country.

The law, passed by the parliament in early 2025, grants the National Bank of the Kyrgyz Republic the exclusive right to issue the digital som and establish rules for its circulation. The CBDC will be issued and used through a specialized platform, which serves as the technological and software infrastructure for issuing, accounting for, and distributing the digital currency.

The National Bank is also authorized to:

  • develop and approve rules for payment processing for banks and other regulated entities;
  • define security standards for ensuring transactions and preventing fraud;
  • perform additional functions related to the operation of the digital som platform in accordance with the Kyrgyz Republic’s payment system legislation.

The testing of the CBDC platform is expected to begin in 2025, though a final decision on its full-scale implementation won’t be made before late 2026.

According to CBDC Tracker, only four countries officially launched state-backed digital currencies: The Bahamas ( Sand Dollar ), Nigeria ( eNaira ), Zimbabwe ( ZiG ), and Jamaica (JAM-DEX). More than half of the world’s central banks plan to release CBDCs within the next five years.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Ethereum Classic ($ETC) Eyes a 510% Breakout Rally

Ethereum Classic could surge over 510% to $127.65 as a major breakout pattern emerges.Why the $127.65 Target MattersShould You Pay Attention?

Coinomedia2025/05/11 16:33
Ethereum Classic ($ETC) Eyes a 510% Breakout Rally

Doginme Made Early Buyers Rich—Now Arctic Pablo Coin Is Leading the Next Meme Coin Gold Rush

While Doginme showed how fast gains can arrive in meme markets, Arctic Pablo Coin is showing how they can be structured, incentivized, and sustainable.Doginme: The Meme Token That Ran With the Big DogsArctic Pablo Coin’s 66% APY: The Meme Coin Presale With Real UtilityIceberg Isle and the Numbers That Matter: $0.000125 Entry, 6,300% ROIArctic Pablo Coin Is Built for the Long Run: Why It Belongs Among the Top New Meme Coins for Exponential Returns

Coinomedia2025/05/11 16:33
Doginme Made Early Buyers Rich—Now Arctic Pablo Coin Is Leading the Next Meme Coin Gold Rush