The president of Kyrgyzstan, Sadyr Japarov, made a step closer to his country of the publication of his own digital currency of the Central Bank on Thursday, signing legislation which gives legal status “digital Soma”.
The country of Central Asia still decides to issue or not to issue a CBDC, but Thursday amendments to the constitutional law of the Kyrgyzetic Republic guarantee that the digital SOM will be treated as a call for tenders if the central bank goes ahead with the publication of a CBDC.
“The aim of 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,” said a statement on the president’s website.
Under the new provisions, the Kyrgyz National Bank of the Republic will be able to develop and approve payments to carry out payments on the Digital Som.
These provisions, described as modifications to the president’s website, were adopted for the first time on March 20 by the Supreme Council of Kyrgyzstan. The country should start testing Digital SOM this year, according to the local news agency News. The country should not make a final decision on the opportunity to issue the CBDC before next year.
The idea of CBDCs was controversial among some supporters of cryptography, but countries like the United Kingdom, Nigeria, Jamaica and Bahamas – as well as the European Union Multinational Bloc – have moved from the CBDC program, while other countries like the United States have greatly moved away from the idea of delivering.
