rewrite this content using a minimum of 1000 words and keep HTML tags
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
$1,156.68
Chain, and if the reserve plan is approved, BNB will be one of the supported assets.
Former Binance
$11.44B
CEO Changpeng Zhao confirmed the news during a recent meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies, which was also attended by President Sadyr Japarov.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
How to Get Free Crypto? (Explained with Animations)
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.
China’s central bank recently launched a Shanghai hub to support the development of the digital yuan. What is the facility’s focus? Read the full story.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
