News list for " Kyrgyzstan"
Kyrgyzstan Announces Allowing Banks and Financial Institutions Groups to Custody Bitcoin and Cryptocurrencies.
Binance founder CZ said that the Kyrgyz national stablecoin has been launched on the BNB Chain. The central bank digital currency (CBDC) is ready to be launched, and the CBDC will be used in scenarios such as Kyrgyzstan government-related payments. The national cryptocurrency reserve has been established, including BNB.
According to The Bitcoin Historian, the Kyrgyz parliament has approved a bill aimed at establishing a strategic bitcoin reserve.
According to The Bitcoin Historian, Kyrgyzstan's finance minister plans to introduce a bill proposing the establishment of a national bitcoin strategic reserve. The proposal includes government involvement in bitcoin mining.
Britain has imposed sanctions on Kyrgyzstan's financial sector and crypto networks that Russia allegedly uses to bypass Western restrictions and target stablecoin businesses allegedly backed by rubles worth $9.30 billion. In a statement on Wednesday, the U.K. government said the new measures are on top of the more than 2,700 existing U.K. sanctions against Russia, which the U.S. took last week. The banks sanctioned include Central Asia Capital Bank and its president, Kantemir Chalbayev.
The Kyrgyz Republic will launch the USDKG stablecoin in the third quarter of 2025, which is pegged 1:1 to the US dollar and backed by physical gold. The initial gold reserve is 300 million US dollars and plans to expand to 2 billion US dollars. The project is supported by the authorization of the Kyrgyz Ministry of Finance and is financed by purchasing gold from the national bank. USDKG uses an overcollateralized model to cope with gold price fluctuations, and holders can exchange physical gold,...
The gold-backed stablecoin USDKG, endorsed by the Kyrgyz government, could become legal tender in the country within three months, and is currently initiating an audit process by the Big Four accounting firms. William Campbell, a consultant to USDKG, said the stablecoin, pegged 1:1 to the U.S. dollar but backed by physical gold reserves, would be audited every six months and published on the blockchain.
According to Binance founder CZ's Twitter account, he has offered suggestions for BNB and BTC as the first digital currencies for Kyrgyzstan's national cryptocurrency reserve. CZ showed a photo of a Kyrgyz license plate in the tweet and said it was not his car, but he liked the license plate.
According to CoinDesk, Kyrgyzstan plans to launch a gold-backed stablecoin pegged to the U.S. dollar, the Gold Dollar (USDKG), in the third quarter. The stablecoin will be backed by $500 million in gold from the Kyrgyz Ministry of Finance, with plans to expand the reserve to $2 billion. Designed for cross-border transactions and international trade, the USDKG initially focuses on Central Asia and will expand to South East Asia and the Middle East in the future, the report said.
On May 4, CZ issued a statement saying that it was honored to be invited by Kyrgyz President Sadyr Japarov to join the National Crypto Council and called for joint promotion of the industry.
