{"id":127434,"date":"2025-04-18T01:19:17","date_gmt":"2025-04-18T01:19:17","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127434"},"modified":"2025-04-18T01:19:17","modified_gmt":"2025-04-18T01:19:17","slug":"kyrgyzstans-president-signs-cbdc-law-giving-digital-som-legal-status","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127434","title":{"rendered":"Kyrgyzstan\u2019s president signs CBDC law giving \u2018digital som\u2019 legal status"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsKyrgyzstan President Sadyr Zhaparov has signed a constitutional law authorizing the launch of a central bank digital currency pilot project while also giving the \u201cdigital som\u201d \u2014 the national currency in digital form \u2014 legal tender status.<br \/>\nThe law gives the National Bank of the Kyrgyz Republic the exclusive right to issue the digital som, establish the rules for its issuance and circulation, and oversee the platform on which the national currency will operate, Kyrgyzstan\u2019s presidential office said on April 17.<br \/>\nHowever, a final decision on whether to officially issue the CBDC is not expected until the end of 2026, local outlet Trend News Agency reported in December.<br \/>\nIf the central bank decides to adopt the digital som, it would also need to outline cryptographic protection measures to ensure the digital som remains secure and isn\u2019t used for fraudulent transactions.<br \/>\nTesting of the digital som platform is expected to take place sometime this year.<br \/>\nZhaparov\u2019s sign-off comes nearly a month after Kyrgyzstan\u2019s parliament, the Jogorku Kenesh, approved the amendment to Kyrgyzstan\u2019s constitutional law on March 18.<br \/>\nCBDCs continue to be heavily criticized by some members of the crypto community, flagging concerns that they could undermine financial privacy and enable excessive government oversight, among other things.<br \/>\nWhile 115 nations have initiated CBDC projects, only four CBDCs have officially launched \u2014 the Bahamas Sand Dollar, Nigeria\u2019s e-Naira, Zimbabwe\u2019s ZiG and Jamaica\u2019s JAM-DEX, data from cbdctracker.org shows.<br \/>\nOver 90 CBDC projects are yet to move past the research stage.<br \/>\nKyrgyzstan continues to make moves in crypto<br \/>\nEarlier this month, former Binance CEO Changpeng \u201cCZ\u201d Zhao said he would begin advising Kyrgyzstan on blockchain and crypto-related regulation after signing a memorandum of understanding with the country\u2019s foreign investment agency.<br \/>\nZhaparov said the initiative would assist with the growth of the economy and the security of virtual assets, \u201cgenerating new opportunities for businesses and society as a whole.\u201d<br \/>\nSource: Sadyr ZhaparovRelated: Bitcoin price levels to watch as Fed rate cut hopes fade<br \/>\nThe mountainous, land-locked country is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.<br \/>\nOver 30% of Kyrgyzstan\u2019s total energy supply comes from hydroelectric power plants, but only 10% of the country\u2019s potential hydropower has been tapped, according to a report by the International Energy Agency.<br \/>\nMagazine: Your AI \u2018digital twin\u2019 can take meetings and comfort your loved ones<a href=\"https:\/\/cointelegraph.com\/news\/kyrgyzstan-president-signs-cbdc-law-giving-digital-som-legal-status?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsKyrgyzstan President Sadyr Zhaparov has signed a constitutional law authorizing the launch of a central bank digital currency pilot project while also giving the \u201cdigital som\u201d \u2014 the&hellip; 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