Kyrgyzstan sets three-stage CBDC pilot after council with CZ
-9BPnNDRc.png "Kyrgyzstan sets three-stage CBDC pilot after council with CZ")
Kyrgyzstan unveiled KGST, a stablecoin tied to the som, and outlined a pilot for a central bank digital currency known as the digital som. President Sadyr Japarov presented the plan Friday after the second session of the National Council for the Development of Virtual Assets and Blockchain Technologies, a meeting that included Binance founder Changpeng “CZ” Zhao.
The government placed KGST within a broader package of digital-asset measures. Japarov directed the Economy and Commerce Ministry to update rules for digital assets, asked the council to submit proposals for a state cryptocurrency reserve within two months, and instructed the National Bank to begin testing the digital som, which is separate from KGST. Timing beyond the pilot phases was not specified.
The National Bank outlined a three-stage pilot: first, linking the central bank with commercial banks for transfers; second, connecting the Central Treasury to handle social and government payments; third, testing offline or low-connectivity transactions. “After successfully piloting all three phases, the platform will be rolled out nationally and scaled,” the bank stated. The pilot was developed with crypto firm Build Block Tech.
The National Bank outlined a three-stage pilot: first, linking the central bank with commercial banks for transfers; second, connecting the Central Treasury to handle social and government payments; third, testing offline or low-connectivity transactions. “After successfully piloting all three phases, the platform will be rolled out nationally and scaled,” the bank stated. The pilot was developed with crypto firm Build Block Tech.
Officials also sketched the contours of a prospective national cryptocurrency reserve. Zhao indicated it will include BNB tokens, though formal proposals have not been disclosed. Over the past day, BNB traded roughly 0.5% higher around $1,114.
Crypto activity has been rising, according to Farkhat Iminov, who heads the council’s Secretariat. He put first-half 2025 crypto exchange volume at about 860 billion soms, nearly $10 billion, a 47% jump from the full-year 2024 total. “KGST will be used in international settlements without the need for double conversion and will eventually be integrated into the digital som, enhancing its usability abroad,” Iminov noted. “The combination of the digital som and stablecoin will expand opportunities for cross-border payments and remittances.”
As GNCrypto covered previously, President Donald Trump granted a full pardon to Changpeng “CZ” Zhao on Oct. 23, erasing his 2023 Bank Secrecy Act conviction and lifting a court order that barred him from executive roles at Binance. Zhao served four months in prison, and Binance agreed to pay $4.3 billion and restructure parts of its U.S. business. The pardon restored his legal standing and may allow a leadership return, subject to regulators.
Crypto activity has been rising, according to Farkhat Iminov, who heads the council’s Secretariat. He put first-half 2025 crypto exchange volume at about 860 billion soms, nearly $10 billion, a 47% jump from the full-year 2024 total. “KGST will be used in international settlements without the need for double conversion and will eventually be integrated into the digital som, enhancing its usability abroad,” Iminov noted. “The combination of the digital som and stablecoin will expand opportunities for cross-border payments and remittances.”
As GNCrypto covered previously, President Donald Trump granted a full pardon to Changpeng “CZ” Zhao on Oct. 23, erasing his 2023 Bank Secrecy Act conviction and lifting a court order that barred him from executive roles at Binance. Zhao served four months in prison, and Binance agreed to pay $4.3 billion and restructure parts of its U.S. business. The pardon restored his legal standing and may allow a leadership return, subject to regulators.
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Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
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