🆘 $KGST Government stablecoins — a breakthrough or market overheating?
History shows that when entire countries "get into crypto," it doesn’t end well. In September 2021, El Salvador made $BTC legal tender — a positive step for the economy and the entire crypto industry. But it marked the market peak, and soon a bloody massacre began.
Of course, this does not diminish the significance of such events and the potential of government digital currencies, but traders should be on guard and not forget about the risks associated with hype and subsequent market cooling.
$KGST as an example for Kazakhstan: do we need a state-backed stablecoin?
When discussions about updating banknotes and strengthening protection against counterfeiting arise again in Kazakhstan, the question inevitably arises: can a digital model become an alternative to traditional money? In neighboring Kyrgyzstan, a fully state-backed stablecoin pegged 1:1 to the Kyrgyz som has already been launched.