Kyrgyzstan, Binance in Talks to Boost Digital Economy and Blockchain Innovation

Kyrgyzstan is stepping up efforts in digital finance after a high-level meeting between President Sadyr Japarov and Rachel Conlan, Global Chief Marketing Officer of Binance, focused on developing the country’s digital economy and blockchain infrastructure.

President Japarov revealed that the Secretariat of the National Council for the Development of Virtual Assets and Blockchain Technologies is preparing to launch KGST, a new digital asset that will be pegged to the national currency, the som, The Caspian Post informs via Kyrgyz media.

He also confirmed that, in partnership with the National Bank, the government is developing the digital som - a state‑issued electronic currency. A demo version of the digital‑som platform is already running in test mode, and trials using real‑world data are expected shortly. Over time, authorities plan to integrate the digital som with KGST, expanding its use for domestic transactions and cross-border settlements.

Rachel Conlan of Binance emphasized that the company’s global network and large user base could help promote these initiatives.

According to earlier reports:

The Kyrgyz Parliament has passed initial legislation making the digital som a legal currency.

On April 18, 2025, the president signed a law granting legal status to the digital som, assigning the National Bank exclusive rights to issue it.

At the meeting’s conclusion, both parties expressed strong interest in expanding cooperation, sharing expertise, and supporting projects in fintech and blockchain.