Headline: Кыргызстан создает стейблкоин KGST и готовится к запуску цифрового сома с поддержкой Binance Translation: Kyrgyzstan is creating the KGST stablecoin and preparing to launch the digital som with the support of Binance.

Kyrgyzstan is set to launch a stablecoin pegged to the som, named KGST, utilizing the BNB Chain blockchain. The nation is also preparing for the testing of 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, instructing them to ensure the launch of the «stable coin» and to consider its listing on international exchanges.

The department was tasked with presenting proposals for the establishment of a state cryptocurrency reserve within two months.

The meeting featured participation from Binance founder Changpeng Zhao (CZ). On October 26, the businessman confirmed the successful launch of the national stablecoin and the forthcoming CBDC pilot.

CZ noted that Kyrgyzstan is laying the groundwork for a cryptocurrency reserve that will include BNB.

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

According to him, Binance will serve as a minority investor in this national initiative, providing consultancy to the government and assisting in the development of the necessary infrastructure.

It’s worth mentioning that in April, the founder of Binance became an advisor to the Kyrgyz government on cryptocurrency and blockchain matters.