Kyrgyzstan’s government has pulled the plug on its flagship state-backed cryptocurrency experiment, ordering the liquidation of the company behind the USDKG stablecoin and the country’s first state-owned digital asset exchange. The Cabinet of Ministers directive, made public on October 7, 2026, targets EVA — officially registered as Issuer of Virtual Assets — and Coin Nomad Exchange, both founded by the Ministry of Finance and operating entirely under state control.
The move effectively ends a project that launched in November 2025 with considerable fanfare. USDKG was promoted as the world’s first state-backed stablecoin supported by physical gold reserves, with each token pegged 1:1 to the US dollar and operating on the Tron…