Kyrgyzstan is moving forward with its digital currency plans. President Sadyr Zhaparov recently signed a law legalizing the "digital som" and launching a central bank digital currency (CBDC) pilot project.
The law grants the National Bank of the Kyrgyz Republic exclusive rights to issue and regulate the digital som. Testing of the digital som platform is expected this year, with a final decision on the CBDC's official launch anticipated by the end of 2026.
In related news, former Binance CEO Changpeng "CZ" Zhao will advise Kyrgyzstan on blockchain and crypto regulation. This collaboration aims to boost the economy and enhance virtual asset security.