Kyrgyzstan Set to Launch Prototype of Digital National Currency

Kyrgyzstan is preparing to launch a digital som, following the signing of the relevant law by President Sadyr Japarov on Thursday, according to the president's press service.

"The Kyrgyz president has signed amendments to the constitutional law on the National Bank, aimed at launching a pilot project for a prototype national digital currency - the digital som, as well as establishing its legal framework and status," the press service said, The Caspian Post reports citing Interfax.

The National Bank of Kyrgyzstan has been granted the exclusive right to issue the digital som, establish rules for its issuance and circulation, and organize and ensure the functioning of the digital som platform.

The law specifies that the digital som is the national currency of Kyrgyzstan and will be issued in digital form on a specialized platform.