Kyrgyzstan has rolled out a national stablecoin in collaboration with the world’s biggest exchange, Binance. This action represents one of many significant developments following multiple contacts between the Central Asian nation and Binance co-founder and former CEO Zhangpeng Zhao.
Notably, Kyrgyzstan has now launched a national stablecoin known as KGST, which is hosted on the BNB chain and pegged 1:1 to the nation’s currency. The former soviet state has also completed plans for a central bank digital currency (CBDC), which is now awaiting launch. According to Zhao, the CBDC and national stablecoin will be in operation concurrently, with the former being restricted to government-related payments.
In other exciting developments from Zhao’s meeting with the Kyrgyz government, the central nation has also created a national cryptocurrency reserve following the footsteps of nations including El Salvador and the US.
Additionally, the Binance App has been fully localized in Kyrgyz, making it more accessible to local users in their native language. To further drive adoption and community engagement, Binance also hosted a large-scale meetup in Bishkek, attracting over 1,000 participants, one of the largest crypto gatherings ever held in the country.
At press time, BNB is valued at $1,118, reflecting a 0.24% gain in the last day. Meanwhile, the prominent altcoin boasts of an 11.7% price gain in the last month amid a rather turbulent crypto market.
