Kyrgyzstan Introduced Its New Stablecoin KGST

Kyrgyzstan Launches National Stablecoin KGST

Kyrgyzstan has announced a new stablecoin called KGST as part of its national cryptocurrency strategy. This new stablecoin will be tied to the Som currency at a 1:1 ratio and will offer a separate structure from the previously planned USDKG dollar-backed stablecoin.

Digital Som Officially Recognized

The country has legally recognized the digital som, defined as a Central Bank Digital Currency (CBDC). Kyrgyzstan is making plans to trial government-related payments with this digital currency.

Comprehensive Crypto Infrastructure Being Developed

Kyrgyzstan is also working on establishing a national cryptocurrency reserve. It plans to promote crypto education by partnering with Binance Academy for university programs. Moreover, collaborations are underway for the development of smart contracts.