The first step of this landmark collaboration is to launch a national currency after the issuance approval from the National Bank of the Kyrgyz Republic (NBKR) and start pilot testing. Although CBDC is ready for partial support, the framework is ready for full rollout. CZ discloses that Kyrgyzstan is planning to launch a stablecoin pegged 1:1 to the U.S. dollar and backed by physical gold under the code “USDKG” by the government.
Kyrgyzstan to Establish National Crypto Reserve with Support from Binance
Kyrgyzstan is also going to launch a National crypto reserve, including BNB/BTC. Changpeng Zhao (CZ), co-founder of Binance, has also advised the Kyrgyzstan government investment agency to invest in BTC and BNB and make these currencies the first national crypto asset reserve for Kyrgyzstan.
Although a proper implementation is still pending for the full release of these digital assets. In addition, Binance has signed a MoU with Kyrgyzstan’s National Investment Agency to activate crypto payment via Binance Pay and, at the same time, unite with education by Binance Academy.
Kyrgyzstan Advances Crypto Adoption with Binance Support and National Reserve Plans
The National Cryptocurrency Reserve built BNB by joining with Binance Academy with 10 top Universities and enabled the Binance App to work completely in Kyrgyzstan at the local level. Moreover, Binance meets up in Bishkek with more than 1000 participants.
In a nutshell, Kyrgyzstan is making leaps and bounds in the full working of these crypto assets with cryptocurrencies. For this purpose, CZ visited Kyrgyzstan the elevation the country with the support provided by Binance.
