Kyrgyzstan plans to designate the gold-backed stablecoin USDKG as the country’s legal tender within three months. USDKG ensures the stability of daily transactions by anchoring the US dollar in a 1:1 peg, backed by physical gold reserves worth over $500 million.
The Kyrgyzstan government intends to increase its gold reserve to $2 billion, pending the right economic factors, and provide complete oversight to enable trust among its citizens. These reserves will be secure and undergo regular accounting audits to ensure transparency, equity, and trust.
Integrating USDKG into the country’s financial system will facilitate efficient cross-border payments and remittances, reduce high transaction fees, and promote financial inclusion. This decision is part of the central Asian country’s initiative to embrace cryptocurrency and modernize its financial ecosystem. The initiative will position Kyrgyzstan at the forefront of blockchain innovation in Asia.
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