Kyrgyzstan has launched a national stablecoin and central bank digital currency in collaboration with cryptocurrency exchange Binance, announced President Sadyr Japarov on Saturday.
A mountainous former Soviet republic with a population of around 7 million, Kyrgyzstan has increasingly positioned itself as a cryptocurrency leader in Central Asia, despite its traditional reliance on labor migrants in Russia.
The A5A7 stablecoin, backed by the Russian rouble and based in Kyrgyzstan, has been sanctioned by Western governments, which claim it facilitates the circumvention of sanctions on Russia over the war in Ukraine.
Changpeng Zhao, founder of Binance, was appointed as an adviser on digital assets to Kyrgyzstan's president in May. On Saturday, Zhao revealed on X that the Kyrgyz national stablecoin had been launched on the BNB Chain, and that the digital version of the Kyrgyz som was ready for use in government transactions. He also mentioned that a national cryptocurrency reserve, including Binance's BNB token, had been established.
On Friday, U.S. President Donald Trump pardoned Zhao, who had previously been convicted of money laundering-related offenses.
While Kyrgyzstan was once the most democratic among the five former Soviet Central Asian republics, Japarov has since tightened control over dissent following his rise to power after the 2020 street protests. The country is set to hold a snap parliamentary election on November 30, with Japarov's allies aiming to strengthen their hold on the legislature.
Iran’s army said it targeted U.S. military facilities in Bahrain and Kuwait with drone attacks. Tehran said the operations were carried out in retal...
Russia may seek compensation from Armenia if Yerevan changes the terms of the South Caucasus Railway (SCR) agreement without mutual consent, Russian E...
Pakistan and Saudi Arabia have welcomed Jordan's proposal to convene a meeting of Arab and Islamic countries to address the worsening situation in Pal...
French DJ and electropop musician Kavinsky, whose atmospheric sound shaped a generation of electronic music fans, has died at the age of 50, French authorities said on Tuesday.
Saudi Arabia said its overnight strikes on Iran-backed group targets in Iraq were carried out in self-defence and warned it would take further military action if the groups launched new attacks against the kingdom.
The U.S. military said it completed its latest wave of strikes on Iran, a two-hour operation that hit dozens of targets. Washington described the strikes as a "powerful response" to Iranian missile attacks targeting U.S. forces in the Middle East a day earlier.
A fire involving two gas vessels at Egypt's Damietta port has prompted conflicting reports over whether the incident was caused by a drone strike or an onboard technical fault. Egyptian authorities said there were no casualties.
The death toll from the powerful earthquake that struck Japan’s southwestern Kumamoto prefecture has risen to 30, Prime Minister Sanae Takaichi said on Thursday, as water and power shortages left survivors exposed to extreme summer heat.
Russia may seek compensation from Armenia if Yerevan changes the terms of the South Caucasus Railway (SCR) agreement without mutual consent, Russian Economic Development Minister Maxim Reshetnikov said.
Georgian Post is no longer focused solely on delivering letters and parcels across Georgia. The state postal operator is transforming into a regional logistics hub following a new agreement with Cainiao, the logistics arm of Alibaba.
Saudi Arabia has extended a $5 billion financial facility for Pakistan until December 2028, easing the country's external financing pressure as Islamabad continues economic reforms under an International Monetary Fund (IMF) programme.
President Ilham Aliyev arrived in the Kyrgyz Republic on Wednesday for a state visit focused on expanding economic cooperation, transport connectivity and political coordination between the two Turkic nations.
Uzbekistan and Kyrgyzstan have elevated their bilateral relationship to the level of an alliance after Presidents Shavkat Mirziyoyev and Sadyr Japarov signed a Treaty on Allied Relations during high-level talks in the Kyrgyz resort city of Cholpon-Ata.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment