Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Kyrgyzstan set to launch its own digital currency by 2027
    Cryptocurrency

    Kyrgyzstan set to launch its own digital currency by 2027

    August 9, 20242 Mins Read


    Kyrgyzstan’s central bank has proposed amendments to the law to legalize its digital currency as a legal tender.

    The National Bank of Kyrgyzstan has initiated public discussions on constitutional law amendments aimed at integrating its own digital currency — known as digital som — into the nation’s financial system, marking a big step toward a digitized economy.

    Under the proposed amendments published on Aug. 8, the digital som will be integrated into the financial system through a “specialized software system” managed by the central bank. The draft does not contain terms like “blockchain” or “distributed ledger,” though it does mention “smart contracts,” leaving the technical details of the platform somewhat unclear.

    The system’s design includes the introduction of “digital accounts” and “digital wallets.” While digital accounts will be specialized accounts managed by the platform operator for participants, digital wallets will be available to individual users for transactions. These wallets can be accessed via applications provided by banks and other financial institutions participating in the platform.

    Central bank controls encryption keys

    The digital som platform itself will enable transactions and interaction among its operator, participants, and users. The platform’s rules, which will be issued by the National Bank, will define the roles and responsibilities of each participant, access conditions, and the types of transactions permitted.

    In terms of governance, the central bank, as the platform operator, will oversee the issuance and accounting of digital soms as well as ensuring the platform’s operation and security measures, including data encryption and authentication mechanisms, the draft reads.

    The system is said to be supporting both online and offline transactions, with offline payments allowing users to conduct transfers even in the absence of an internet connection, with transactions recorded on the device and later synchronized with the platform.

    The digital currency is expected to be fully integrated into the country’s financial ecosystem by January 2027, providing a legal framework that aligns with the rapid evolution of digital currencies on the international level.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Russia Developing Cross-Border Digital Payment with BRICS

    Cryptocurrency

    Regal Investments Commits $30 Million to Cryptocurrency Prop Trading Initiative

    Cryptocurrency

    Banks must build trust to thrive in digital age 

    Cryptocurrency

    Could This Surprising Cryptocurrency Become the Next XRP?

    Cryptocurrency

    Hackers say they wiped out $90M from Iran cryptocurrency exchange

    Cryptocurrency

    Forging a Path for Digital Finance

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    In volatile crypto markets, can stablecoins deliver on the promise implied by their name?

    Investments

    EUR 10 Years IRS Interest Rate Swap Données Historiques sur les Obligations

    Investments

    NAS Investment Solutions Acquires Kansas City Multifamily Property Providing Tremendous Value-Add Opportunity for Investors

    Editors Picks

    World’s Largest Steelmaker Warns of a Industry Crisis Worse Than 2008

    August 14, 2024

    Popular paint colour could knock £15k off your home’s value

    August 24, 2024

    «Tenez bon, cela ne sera pas facile», lance Donald Trump

    April 5, 2025

    Existing ‘equalization aid’ to schools could be main Nebraska property tax relief vehicle • Nebraska Examiner

    August 8, 2024
    What's Hot

    SW Investments Limited annonce ses résultats pour le troisième trimestre et les neuf mois clos le 31 décembre 2024 -Le 29 janvier 2025 à 15:11

    January 29, 2025

    8 Most Promising Clean Energy Stocks According to Hedge Funds

    October 13, 2024

    Falling flat prices and strong rental growth make them the best B2L investment in the current market

    July 29, 2024
    Our Picks

    Beware doctored photo, WeChat group promoting bogus China investments: Low Yen Ling, Temasek

    May 11, 2025

    What Is Shiba Inu (SHIB) in Cryptocurrency?

    February 25, 2025

    iShares Silver Trust (NYSEARCA:SLV) Shares Sold by US Bancorp DE

    July 20, 2024
    Weekly Top

    Gold Cup | Jesse Marsch minimise la dernière procédure disciplinaire de la CONCACAF

    June 20, 2025

    Le président d’Ecofin Global Utilities annoncé son départ lors de la prochaine assemblée générale

    June 20, 2025

    Regal Investments Commits $30 Million to Cryptocurrency Prop Trading Initiative

    June 20, 2025
    Editor's Pick

    AMMON: Bitcoin’s Rising National Prominence is New Hampshire’s Opportunity

    August 13, 2024

    Transcript : Broadridge Financial Solutions, Inc. Presents at Wolfe Research FinTech Forum 2025, Mar-11-2025 01 -Le 11 mars 2025 à 18:40

    March 11, 2025

    qui sont les lauréats du Grand prix Spak ?

    March 10, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.