Кыргызстан запускает стейблкоин KGST и тестирует CBDC с поддержкой Binance Translation: Kyrgyzstan launches the KGST stablecoin and tests CBDC with the support of Binance

Kyrgyzstan is set to launch a stablecoin pegged to the som, referred to as KGST, on the BNB Chain blockchain. The nation is also preparing to test a Central Bank Digital Currency (CBDC), as announced by President Sadyr Japarov.

On October 24, the head of state held a meeting with the National Council for the Development of Virtual Assets and Blockchain Technologies, directing them to ensure the launch of the «stable coin» and to explore the possibility of listing it on international exchanges.

The agency has been tasked with submitting proposals for the establishment of a state cryptocurrency reserve within two months.

The meeting included participation from Binance founder Changpeng Zhao (CZ). On October 26, he confirmed the successful initiation of the national stablecoin and the upcoming pilot of the CBDC.

CZ also noted that Kyrgyzstan is laying the groundwork for creating a cryptocurrency reserve that will encompass BNB.

«Yes, both will be utilized for government payments and so forth,» Zhao clarified.

According to him, Binance is acting as a minority investor in the national initiative. The exchange will provide consulting services to the government and assist in the development of the necessary infrastructure.

It’s worth recalling that in April, the founder of Binance took on the role of advisor to the Kyrgyz government on matters related to cryptocurrencies and blockchain.