PANews reported on November 12th that Kyrgyzstan has issued its national stablecoin, USDKG, with an initial issuance of approximately 50.14 million coins. Each coin has a nominal value of $1. The token is issued by a state-owned enterprise controlled by the Ministry of Finance and backed by gold reserves. It is intended for cross-border payments and trade, with the government planning to increase the allocation to approximately $500 million, eventually reaching approximately $2 billion. Meanwhile, due to power shortages, Energy Minister Talaybek Ibraev announced that all cryptocurrency mining farms nationwide have been shut down and that measures such as power rationing and importing electricity from neighboring countries (including Russia) have been implemented.PANews reported on November 12th that Kyrgyzstan has issued its national stablecoin, USDKG, with an initial issuance of approximately 50.14 million coins. Each coin has a nominal value of $1. The token is issued by a state-owned enterprise controlled by the Ministry of Finance and backed by gold reserves. It is intended for cross-border payments and trade, with the government planning to increase the allocation to approximately $500 million, eventually reaching approximately $2 billion. Meanwhile, due to power shortages, Energy Minister Talaybek Ibraev announced that all cryptocurrency mining farms nationwide have been shut down and that measures such as power rationing and importing electricity from neighboring countries (including Russia) have been implemented.
Kyrgyzstan issues approximately $50 million worth of stablecoin USDKG and halts mining nationwide.
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PANews reported on November 12th that Kyrgyzstan has issued its national stablecoin, USDKG, with an initial issuance of approximately 50.14 million coins. Each coin has a nominal value of $1. The token is issued by a state-owned enterprise controlled by the Ministry of Finance and backed by gold reserves. It is intended for cross-border payments and trade, with the government planning to increase the allocation to approximately $500 million, eventually reaching approximately $2 billion. Meanwhile, due to power shortages, Energy Minister Talaybek Ibraev announced that all cryptocurrency mining farms nationwide have been shut down and that measures such as power rationing and importing electricity from neighboring countries (including Russia) have been implemented.
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