Kyrgyzstan has introduced a national stablecoin and a central bank digital currency with the help of cryptocurrency exchange Binance, as announced by President Sadyr Japarov.
The country, home to about 7 million people, has aimed to become a cryptocurrency leader in Central Asia.
A stablecoin named A5A7, backed by the Russian rouble, faces sanctions from Western governments for allegedly helping Russia avoid sanctions related to the Ukraine conflict.
Binance’s founder, Changpeng Zhao, has become an adviser to the president and confirmed that the stablecoin is on the BNB Chain, with a digital version of the som ready for government payments. Kyrgyzstan is set for snap parliamentary elections on November 30.
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With information from Reuters
