Kyrgyzstan Envisions Crypto Custody for Banks: A Look at the Digital Asset Strategy

Kyrgyzstan is taking a bold step towards incorporating cryptocurrencies into its financial system. The country’s government has announced plans to have banks manage both Bitcoin and stablecoins, paving the way for a significant shift in digital asset management within the nation’s banking sector. This move is part of an expansive digital assets strategy spearheaded by President Sadyr Japarov. A key component of this plan is the introduction of the KGST stablecoin, pegged 1:1 to the local som and operating on the BNB Chain. ]