Binance co-founder CZ proposes Bitcoin, BNB for Kyrgyzstan reserves

Binance co-founder Changpeng “CZ” Zhao has projected Bitcoin and BNB arsenic the archetypal integer assets to signifier Kyrgyzstan’s nationalist crypto reserves.

On May 5, Zhao shared connected X that helium advised Kyrgyzstan to commencement with Bitcoin (BTC) and BNB (BNB) erstwhile gathering its nationalist crypto reserve. In 2024, Forbes claimed that Zhao holds astir 94 cardinal BNB tokens, astir 64% of BNB’s circulating supply. At the clip of writing, these tokens are worthy astir $55 billion. 

The connection follows Zhao’s earlier announcement that helium had begun advising Kyrgyzstan’s National Investment Agency (NIA) connected blockchain and crypto-related matters.

On April 3, Zhao confirmed he’s been officially and unofficially advising governments connected crypto frameworks and blockchain solutions. The erstwhile Binance CEO said that helium finds the enactment highly meaningful. 

Source: Changpeng Zhao

Binance to motorboat crypto payments successful Kyrgyzstan

A period aft CZ announced his relation successful advising Kyrgyzstan, Binance announced a concern with the state to motorboat a crypto payments service. 

On May 4, Binance signed a memorandum of knowing (MOU) with the NIA to present Binance Pay to the country, enabling crypto transactions. The concern besides aims to boost crypto acquisition successful the country, with Binance Academy acceptable to enactment with authorities agencies to make blockchain-focused acquisition programs. 

Binance besides said that the speech had been advising aggregate governments and jurisdictions connected crypto-related policy. On April 17, Binance CEO Richard Teng said successful a Financial Times interrogation that the speech had been advising countries connected crypto reserves. 

Kyrgyzstan has been making moves to go a integer asset-friendly jurisdiction. On April 17, Kyrgyzstan President Sadyr Zhaparov signed a law authorizing a cardinal slope integer currency aviator task portion giving the nationalist currency's integer signifier a ineligible tender status. 

Related: Pakistan appoints Changpeng Zhao arsenic crypto advisor arsenic adoption heats up

Kyrgyzstan reportedly plans a gold-backed stablecoin

The state besides reportedly plans to motorboat a gold-backed stablecoin. The gold-backed stablecoin volition beryllium pegged to the United States dollar and called the Gold Dollar (USDKG). This volition beryllium backed by $500 cardinal successful golden provided by the country's Ministry of Finance. 

Cointelegraph reached retired to the country’s Ministry of Finance to corroborate the reports but did not get a effect earlier publication. 

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