A stablecoin is now live in Kyrgyzstan, which confirmed plans to launch a CBDC and explore a national crypto reserve after meeting with strategic adviser Changpeng Zhao.
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Kyrgyzstan has rolled out a new stablecoin pegged 1:1 to the Kyrgyzstani som, while confirming plans to issue a central bank digital currency and explore a digital asset reserve.
The KGST stablecoin will run on the BNB Chain, and BNB (BNB) would be included in the crypto reserve if launched, to former Binance CEO Changpeng ‘CZ’ Zhao, who attended the National Council for the Development of Virtual Assets and Blockchain Technologies’ second meeting on Friday with President Sadyr Japarov.
The first meeting took place around April, when CZ became a for Kyrgyzstan’s crypto committee.
Local media outlet KG24 Kyrgyzstan’s crypto committee must ensure the KGST stablecoin is listed on international platforms and submit proposals for creating a national crypto reserve within two months.
Kyrgyzstan’s latest moves highlight how crypto adoption is advancing at the nation-state level by experimenting with stablecoins and CBDCs to modernize payments, improve and attract investment.
Japarov also advised the Ministry of Economy and Commerce to continue crafting a legislative framework for virtual assets and for the National Bank of the Kyrgyz Republic to begin pilot testing of the digital som.
Kyrgyzstan moves forward with CBDC plans
The will run in three stages, building on the National Bank’s demo of the digital som platform built with Build Block TECH. It will first connect commercial banks to enable transfers, then link the Central Treasury for social and government payments, and finally test offline and low-connectivity transactions ahead of a national rollout.
“After successfully piloting all three phases, the platform will be rolled out nationally and scaled,” Kyrgyzstan’s top bank said.
The National Bank initially said in April that it on whether to issue a CBDC until the end of 2026.
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While over 100 nations have initiated CBDC projects, only three CBDCs are currently live — the Bahamas Sand Dollar, Nigeria’s e-Naira and Jamaica’s JAM-DEX, from cbdctracker.org shows.
Education is also a focal point for Kyrgyzstan
Meanwhile, Japarov also advised the Ministry of Science, Higher Education, and Innovation to submit proposals on how it intends to develop digital financial literacy plans and train specialists in the blockchain and
CZ said Kyrgyzstan would integrate Binance’s education arm, Binance Academy, with 10 of its top universities and “fully localize” the Binance app across the south Asian country.
Updates from Kyrgyzstan🇰🇬
– The National Stablecoin launched, on
– The CBDC is ready for rollout. Yes, both. CBDC will be used for gov related payments, etc
– The National Cryptocurrency Reserve set up, included
– LE training
– Binance Academy with 10 top…— CZ 🔶 BNB (@cz_binance)
It comes as on Wednesday by US President Donald Trump over anti-money laundering violations while serving as Binance CEO.
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