Kyrgyzstan Launches National Stablecoin, Sets Up Cryptocurrency Reserve: CZ
Kyrgyzstan launched a national stablecoin (KGST) and is piloting its CBDC, the digital som, according to Binance co-founder CZ.Summary
Kyrgyzstan is advancing its national cryptocurrency strategy by launching a stablecoin, believed to be KGST, which is pegged 1:1 to the Kyrgyz Som and is registered in the State Register of Digital Assets. This differs from the planned dollar-backed stablecoin, USDKG. Furthermore, the country's Central Bank Digital Currency (CBDC), the digital som, has received legal recognition and is expected to be piloted for government-related payments. This development follows a presidential amendment granting the digital som legal tender status upon full launch by the National Bank. Kyrgyzstan is also establishing broader crypto infrastructure, including creating a national cryptocurrency reserve containing BNB, initiating law enforcement training, and partnering with Binance Academy across 10 universities. Binance has also localized its app and hosted a large meetup in Bishkek, while YZi Labs is collaborating with the government on smart contract infrastructure.
(Source：CoinDesk)