According to two sources close to the Kyrgyz government, the new cryptocurrency (working title GoldenRock) will be backed by gold. This is the first state-backed project of this kind within the Eurasian Economic Union (EEU).
By order of Kyrgyzstan’s Prime Minister Sooronbay Jeenbekov, the local state-run company 'Trade House Kyrgyzstan' will be in charge of implementing the project. Adviser to the company’s CEO, Ulan Musakulov, said that it plans to attract investment in gold mining companies and a number of agricultural projects, TASS reported.
"Since the state is the company’s shareholder, the specific parameters of the ICO are in the process of approval with the government, representatives from those companies which filed requests for funding and our Russian partners. Plans are also in the works that some Russian companies will provide us with technical support," he informed Izvestia.
According to Musakulov, the potential investment sum in all projects could exceed $500 million.
