Kirgizavi says that in the digital currency of the central bank – he begins to test “Digital Som”

While countries like the USA of others in Asia are still considering publishing CBDC, Kyrgizav has taken a clear step forward. The country approved a pilot project for its own digital money called Digital Som. This new version of the national currency will be treated as a legal means if CB continues to issue CBDC.

Kyrgyzed Testing to Start CBDC

17. April, the President contains Zhaparov signed a new constitutional law Not only does it give digital catfish legal status, it also gives the central bank in the country to manage its future.

The Kirgian Republic National Bank will decide how it works, how people can use it and when it will be available to everyone.

Currently, the final decision to introduce CBDC Nationwide will be made next year, it is expected that the testing will start in 2025. The country will soon start a pilot project to see how it works in real life. The final decision on whether to fully run it will be made next year.

What makes this special?

Unlike regular digital wallets or cryptocurrencies, CBDC issues and supports the central bank of the country. This means that it offers the safety of traditional currencies, but with the speed and convenience of modern technology.

Countries like Jamaica, Bahamas and the European Union are already testing or using CBDC. Kirgizav is now joining that list. On the other hand, countries like the United States are still thinking about it.

Why do Kyrgyzes opt for CBDC?

Kirgistan wants to modernize his financial system and make it easier for a safer digital payment. Earlier this month, former executive director of Binance CZ said he would Help Kirgizan to build a strong crypto rules. The government hopes to help companies grow and improve digital security.

Kyrgyzav is also a great place for cryptocurrency because it has a lot of pure hydropothetic energy. Although only 10% of its hydroelectric power plant is used today, over 30% of energy in the country is already coming from the water source.

With this digital catfish project, Kyrgyzan shows the world that he is ready for the future of money.