Kyrgyzstan Legalizes Digital Som as Central Bank Digital Currency

Kyrgyzstan is progressing towards a central bank digital currency (CBDC) with President Sadyr Japarov signing legislation to grant the "digital som" legal status. Key points include:

The amendments to the Constitutional Law of the Kyrgyz Republic establish the digital som as legal tender if issued.
The National Bank of the Kyrgyz Republic will develop rules for payments on the digital som platform.
Testing of the digital som is set to begin this year, with a final decision on issuance expected next year.
Other nations like the U.K., Nigeria, and the Bahamas are also exploring CBDCs, while the U.S. has moved away from this direction.