Kyrgyzstan has introduced a national stablecoin and central bank digital currency with the help of cryptocurrency exchange Binance, as announced by President Sadyr Japarov.
The country, which has around 7 million inhabitants, aims to become a cryptocurrency leader in Central Asia.
A stablecoin named A5A7, backed by the Russian ruble, is facing sanctions from Western governments for allegedly helping Russia avoid sanctions related to the Ukraine conflict.
Binance founder Changpeng Zhao became an advisor 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 due to hold early parliamentary elections on November 30.
With information from Reuters
