Kyrgyzstan Winds Down USDKG Stablecoin After UK Sanctions
Kyrgyzstan is closing its state-backed gold stablecoin project and liquidating its issuer alongside the country’s first state-owned crypto exchange.
Kyrgyzstan is ending USDKG, its state-backed gold stablecoin, following UK sanctions, according to Bitcoin.com News.
The government has ordered the liquidation of EVA, the company that issued USDKG. The shutdown also includes the country’s first state-owned cryptocurrency exchange.
The report says 50 million USDKG tokens have been burned. The supplied excerpt does not detail the sanctions, the liquidation timetable or arrangements for token holders.
Source: Bitcoin.com News
