Kyrgyzstan has introduced a new stablecoin pegged 1:1 to the Kyrgyzstani som, with plans to issue a central bank digital currency (CBDC) and explore a digital asset reserve. The KGST stablecoin will run on the BNB Chain, and BNB may be included in the crypto reserve if launched, according to former Binance CEO CZ.

Kyrgyzstan’s crypto committee must ensure the KGST stablecoin is listed on international platforms and submit proposals for a national crypto reserve within two months. This move signals the nation’s effort to modernize payments, enhance financial inclusion, boost transparency, and attract investment through stablecoins and CBDCs.

Kyrgyzstan’s National Bank has signed an agreement to implement a digital som in three stages, connecting commercial banks, the Central Treasury, and testing offline transactions. The move comes after initial plans to issue a CBDC by the end of 2026. Only three CBDCs are live globally, including the Bahamas Sand Dollar, Nigeria’s e-Naira, and Jamaica’s JAM-DEX.

President Japarov has advised the Ministry of Science to develop digital financial literacy plans and train specialists in blockchain and AI industries. Kyrgyzstan plans to integrate Binance Academy with universities and localize the Binance app. Meanwhile, former Binance CEO CZ was recently pardoned by US President Trump for anti-money laundering violations while serving as Binance CEO.

Read more at Cointelegraph: Kyrgyzstan Launches Stablecoin And Confirming Future CBDC