The small Central Asian country is currently taking public comments on its framework legislation.
The National Bank of the Kyrgyz Republic (NBKR) has released draft legislation on the creation of a Kyrgystani som central bank digital currency (CBDC). The legislation is all in the form of amendments, with the Constitutional Law of the Kyrgyz Republic on the National Bank of the Kyrgyz Republic and the Law on the Payment System of the Kyrgyz Republic needing the most changes.
12 companies submitted proposals in March for testing a digital som prototype in a sandbox environment. The NBKR project team produced a demo version of a som CBDC the following month on the blockchain of an unnamed applicant but did not select a provider.
No technology provider has been announced for the digital som’s platform, but amendments to the law on the national bank specify that it will be the platform operator.
