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Kyrgyzstan first in EEU to issue own cryptocurrency

Kyrgyzstan is the first country in the Eurasian Economic Union which plans to issue its own cryptocurrency. Russian newspaper Izvestia reported.

It is noted that the national cryptocurrency has received the working name GoldenRock. With the help of the project, the authorities of the country expect to attract private investments for the development of gold deposits.

It was decided that each unit (token) would be provided with a gold equivalent. After development of the deposit, GoldenRock owners will be able to exchange it for metal. The decision on the exact value of the token has not yet been made.

«This is the first such state project in the countries of the Eurasian Economic Union. The Prime Minister of Kyrgyzstan Sooronbay Jeenbekov charged the local state-owned company «Trade House Kyrgyzstan» with the project. At the same time, the Russian company «Kript NN» was involved in the creation of the Kyrgyz cryptocurrency. It is assumed that the Russians will also conduct initial placement of GoldenRock on the crypto exchange market," the newspaper said.

Kyrgyzstan also plans to get $ 5 — $ 40 million from the placement of cryptocurrency at the exchange market. This money will be invested in the development of a gold deposit with a reserve of 40 tons. If the project is successful, then the next stage will be investment in agriculture. At the same time, there is no data on deposit which will be developed in this way.

Cryptocurrency is a digital (virtual) currency, the unit of which is a coin. The coin is protected from forgery, as it contains encrypted information that can not be copied (use of cryptography defined the prefix «crypto» in the title). Cryptocurrency is emitted directly in the network and is not connected in any way with any ordinary currency or with any state currency system. In fact, the cryptocurrency is electronic money.