Kyrgyzstan Launches Stablecoin And Confirming Future CBDC
Kyrgyzstan has rolled out a new stablecoin pegged 1:1 to the Kyrgyzstani som, while confirming plans to issue a central bank digital currency and explore a digital asset reserve. The KGST stablecoin will run on the BNB Chain, and BNB (BNB) would be included in the crypto reserve if launched, according to former Binance CEO Changpeng ‘CZ’ Zhao, who attended the National Council for the Development of Virtual Assets and Blockchain Technologies’ second meeting on Friday with President Sadyr Japarov. The first meeting took place around April, when CZ…
China based Bitcoin mining pool founding member Deng Yueping commits suicide amid crypto crackdown
Cryptocurrency investor, one of the founding members of the F2Pool Bitcoin mining pool, Deng Yueping, was found dead in an eastern Chinese city earlier this month. The news was reported by the cyberspace administration of Zhejiang province, stating Deng’s involvement in a pyramid scheme and rumors that he was the mastermind behind a blockchain-based scam cryptocurrency project.
During the crypto crackdown in China, where authorities have banned cryptocurrency news accounts on platforms like Wechat and Weibo, Deng’s suicide has raised concerns over the mental health impact of regulatory pressures in the cryptocurrency industry.
Last year in Zhejiang province, over 100 cases were reported where criminals used the blockchain and cry
Kyrgyzstan has rolled out a new stablecoin pegged 1:1 to the Kyrgyzstani som, while confirming plans to issue a central bank digital currency and explore a digital asset reserve.
The KGST stablecoin is set to facilitate domestic remittances and provide a foundation for cryptocurrency trading within the country.
The National Bank of the Kyrgyz Republic revealed that the stablecoin is backed by fiat reserves held in local banks, ensuring its stability.
This move is seen as a step towards modernizing the Kyrgyz financial system and integrating digital assets into the economy.
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Another significant step in the realm of digital currency is the launch of a stablecoin in Kyrgyzstan. This move also signals the country’s intention to introduce its Central Bank Digital Currency (CBDC).
