Kyrgyzstan Launches Stablecoin and Sets Sights on a National CBDC by 2026
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Kyrgyzstan has announced the launch of the KGST stablecoin, backed 1:1 by the national currency, and confirmed plans to develop a central bank digital currency (CBDC). Alongside this initiative, the government will create a national crypto reserve that includes BNB and other digital assets.
The KGST stablecoin will operate on the BNB Chain. According to Changpeng Zhao (CZ), former head of Binance and strategic advisor to the Kyrgyz Crypto Committee, the decisions were made during a meeting of the National Council for the Development of Virtual Assets, attended by President Sadyr Japarov.
Local media reported that the committee has two months to propose a framework for the national digital asset reserve and to begin efforts to list KGST on international platforms. The government believes that stablecoins and CBDCs will help attract investment and support growth in the digital economy.
President Japarov instructed officials to advance virtual asset legislation and ordered the National Bank to begin pilot testing of the digital som. The rollout will take place in three phases: first by connecting commercial banks, then integrating the asset with the Central Treasury, and finally testing offline transactions before the CBDC launches nationwide.
A final decision is expected no earlier than 2026.
Education, Innovation and the Path Ahead
Kyrgyzstan is also prioritizing digital literacy and education. The president tasked ministries with creating programs to train specialists in blockchain and artificial intelligence, while Binance Academy will introduce courses at ten major universities.
CZ emphasized that combining education, stablecoins and a CBDC could position Kyrgyzstan as one of the first countries in the region with a fully developed digital financial ecosystem. The government has also announced plans to move all state services to blockchain by 2028.
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Kyrgyzstan Launches Stablecoin and Sets Sights on a National CBDC by 2026
Share:
Kyrgyzstan has announced the launch of the KGST stablecoin, backed 1:1 by the national currency, and confirmed plans to develop a central bank digital currency (CBDC). Alongside this initiative, the government will create a national crypto reserve that includes BNB and other digital assets.
The KGST stablecoin will operate on the BNB Chain. According to Changpeng Zhao (CZ), former head of Binance and strategic advisor to the Kyrgyz Crypto Committee, the decisions were made during a meeting of the National Council for the Development of Virtual Assets, attended by President Sadyr Japarov.
Local media reported that the committee has two months to propose a framework for the national digital asset reserve and to begin efforts to list KGST on international platforms. The government believes that stablecoins and CBDCs will help attract investment and support growth in the digital economy.
President Japarov instructed officials to advance virtual asset legislation and ordered the National Bank to begin pilot testing of the digital som. The rollout will take place in three phases: first by connecting commercial banks, then integrating the asset with the Central Treasury, and finally testing offline transactions before the CBDC launches nationwide.
A final decision is expected no earlier than 2026.
Education, Innovation and the Path Ahead
Kyrgyzstan is also prioritizing digital literacy and education. The president tasked ministries with creating programs to train specialists in blockchain and artificial intelligence, while Binance Academy will introduce courses at ten major universities.
CZ emphasized that combining education, stablecoins and a CBDC could position Kyrgyzstan as one of the first countries in the region with a fully developed digital financial ecosystem. The government has also announced plans to move all state services to blockchain by 2028.
In This News
Coins
$ 0.190
-1.82%$ 906.75
-0.48%$ 1.02
$ 0.189
-1.39%$ 0.000161
Share:
In This News
Coins
$ 0.190
-1.82%$ 906.75
-0.48%$ 1.02
$ 0.189
-1.39%$ 0.000161
Share:
Read More
Cease and Desist Hits Robinhood, Crypto.com, Kalshi in Connecticut