Kyrgyz Republic approved to proceed with Nano Labs’ CNH-pegged stablecoin plan

Nano Labs (NA) announced receipt of approval from the Kyrgyz Republic to proceed with its proposal to issue a stablecoin pegged to the offshore Chinese Yuan within the country. According to an official letter from both the National Investment Agency under the President of the Kyrgyz Republic and the National Council for the Development of Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic, the Proposal has been reviewed by senior authorities within the Presidential Administration and has received clearance to proceed. The stablecoin project aims to support the growing trade and economic cooperation between China and Kyrgyzstan-facilitate cross-border settlements, expand investment opportunities, and increase transparency of operations in the digital financial space. In line with recommendations from the Kyrgyz authorities, Nano Labs will submit a comprehensive white paper and key technical documentation. The company will continue to collaborate closely with all relevant stakeholders to ensure the Project’s steady and compliant execution. Concurrently, Nano Labs announced its decision to formally forgo plans to apply for an HKD- or CNH-pegged stablecoin project in the Hong Kong SAR. The company will instead redirect its resources toward developing stablecoin initiatives in Belt and Road countries.