Published
08/24/2026, 18:03Kyrgyzstan needs to develop its crypto industry more actively and work with stablecoins; however, the spread of digital currencies must not deprive the National Bank of its control over the money supply. This was the view shared with ‘Akchabar’ by the former Prime Minister, Akylbek Zhaparov.
According to him, the global financial system is gradually changing. Countries are seeking alternative methods of payment and reducing their dependence on the dollar and the euro.
“I believe that stablecoins should be allowed to operate, and Kyrgyzstan should also work towards this. For too long, the whole world has traded exclusively in dollars,” said Akylbek Zhaparov.
He cited trade between Russia and China as an example. According to the former Prime Minister’s assessment, 80–90 per cent of mutual settlements between these countries are already conducted in currencies other than the dollar and the euro.
He believes that financial restrictions have prompted states to seek alternative instruments, and that cryptocurrencies and stablecoins may become widely used in the future.
At the same time, Akylbek Zhaparov emphasised that the development of digital assets requires caution due to potential risks to monetary policy.
“If the National Bank loses the ability to influence the money supply, the consequences could be catastrophic,” he warned.
Despite this, the former Prime Minister is convinced that Kyrgyzstan should be bolder in adopting new financial technologies, whilst complying with restrictions related to international sanctions.
“We have the ocean right on our doorstep. We can sit on a mountain for a long time thinking we’ll drown because we can’t swim. Or we can learn to build boats, catch fish, build a port and transport containers. The world always offers an alternative solution. We need to go out there and move forward,” he concluded.
