Kyrgyzstan has introduced a new stablecoin called KGST, which is tied to the Kyrgyzstani som at a 1:1 value.
The KGST token is built on the BNB
Former Binance
$11.44B
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According to KG24, a local news outlet, the country’s crypto council is expected to push for KGST to be available on global exchanges. It also has two months to present proposals for forming a national digital asset reserve.
Additionally, President Japarov has advised the Ministry of Economy and Commerce to continue working on laws to regulate virtual assets. He also directed the National Bank of the Kyrgyz Republic to begin testing the digital som.
The testing process will be carried out in three phases. First, commercial banks will be linked to allow transactions between users.
Then, the system will connect to the Central Treasury to support public payments and social programs. Lastly, the focus will shift to how the system performs in areas with limited internet access, including offline transactions.
After all stages are tested, KGST is expected to be made available across the country.
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