Binance co-founder Changpeng “CZ” Zhao has proposed Bitcoin and BNB as the primary digital belongings to type Kyrgyzstan’s nationwide crypto reserves.
On Might 5, Zhao shared on X that he suggested Kyrgyzstan to begin with Bitcoin (BTC) and BNB (BNB) when constructing its nationwide crypto reserve. In 2024, Forbes claimed that Zhao holds about 94 million BNB tokens, about 64% of BNB’s circulating provide. On the time of writing, these tokens are value about $55 billion.
The proposal follows Zhao’s earlier announcement that he had begun advising Kyrgyzstan’s National Investment Agency (NIA) on blockchain and crypto-related issues.
On April 3, Zhao confirmed he’s been formally and unofficially advising governments on crypto frameworks and blockchain options. The previous Binance CEO stated that he finds the work extraordinarily significant.
Binance to launch crypto funds in Kyrgyzstan
A month after CZ introduced his function in advising Kyrgyzstan, Binance introduced a partnership with the nation to launch a crypto funds service.
On Might 4, Binance signed a memorandum of understanding (MOU) with the NIA to introduce Binance Pay to the nation, enabling crypto transactions. The partnership additionally goals to spice up crypto training within the nation, with Binance Academy set to work with authorities companies to develop blockchain-focused academic applications.
Binance additionally stated that the change had been advising a number of governments and jurisdictions on crypto-related coverage. On April 17, Binance CEO Richard Teng stated in a Monetary Instances interview that the change had been advising countries on crypto reserves.
Kyrgyzstan has been making strikes to grow to be a digital asset-friendly jurisdiction. On April 17, Kyrgyzstan President Sadyr Zhaparov signed a law authorizing a central financial institution digital foreign money pilot challenge whereas giving the nationwide foreign money’s digital type a authorized tender standing.
Associated: Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up
Kyrgyzstan reportedly plans a gold-backed stablecoin
The nation additionally reportedly plans to launch a gold-backed stablecoin. The gold-backed stablecoin shall be pegged to the USA greenback and known as the Gold Greenback (USDKG). This shall be backed by $500 million in gold supplied by the nation’s Ministry of Finance.
Cointelegraph reached out to the nation’s Ministry of Finance to substantiate the experiences however didn’t get a response earlier than publication.
Journal: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
