Kyrgyz Republic Central Bank Proposes Draft Law for CBDC Issuance by 2027
CryptoNewsTerminal Staff09 Aug, 2024
Kyrgyz Republic Central Bank Proposes Draft Law for CBDC Issuance by 2027
The National Bank of the Kyrgyz Republic (NBKR) has unveiled a draft law paving the way for the issuance of a central bank digital currency (CBDC) by 2027. Dubbed the "digital som" (SOM), the bank is currently soliciting public feedback on the proposed legislation. This initiative follows a call for proposals, which saw 12 companies submitting their plans to test a digital som prototype in a sandbox environment. The NBKR subsequently developed a demo version, but the identities of the vendors involved in this project remain undisclosed. The draft law outlines the legal framework for the issuance, distribution, and use of the digital som. It also addresses issues related to security, privacy, and consumer protection.
