Kyrgyzstan to Issue Digital Som, Boosting Crypto Market Growth

Binance’s Regional Head for Central and Eastern Europe, Central Asia, and Africa Kirill Khomyakov has said that the highly anticipated launch of Kyrgyzstan’s digital som is approaching.

Khomyakov confirmed that several key projects under the memorandum signed between Binance, the Kyrgyz government, and the National Crypto Council are progressing steadily. These include the rollout of the national stablecoin KGS, support for the digital som, and the creation of a national cryptocurrency reserve, The Caspian Post informs via Kazakh media.

Efforts are also focused on integrating Binance Pay with local payment terminals and the national QR code system to facilitate seamless digital transactions. Additionally, educational initiatives are underway, with the Binance platform adapted to the Kyrgyz language and more than 20 related articles translated. The first series of university lectures on cryptocurrency and blockchain technology will commence on October 7.

Khomyakov emphasized that both the national stablecoin and the digital som are currently undergoing rigorous testing and auditing. The digital som has already been deployed by the National Bank on a closed blockchain network, with a full public rollout expected in the near future.

This development follows earlier reports highlighting Kyrgyzstan’s rapidly growing crypto market, which has reached a valuation of 1 trillion soms within just seven months, underscoring the country’s expanding role in the digital economy.