Changpeng “CZ” Zhao, co-founder of Binance, has recommended that Kyrgyzstan consider Bitcoin and Binance Coin (BNB) as the initial assets for establishing its national cryptocurrency reserves.
On May 5, Zhao posted on X (formerly Twitter) that he had proposed Bitcoin and BNB to Kyrgyzstan’s government as foundational elements for their digital reserve strategy. Zhao, who stepped down from his CEO role at Binance, remains a prominent figure in the crypto world. As of a 2024 Forbes report, he owns approximately 94 million BNB tokens—around 64% of its total circulating supply—valued near $55 billion at current market rates.
This recommendation aligns with Zhao’s growing involvement in advising national bodies. Earlier this year, he announced his advisory role with Kyrgyzstan’s National Investment Agency (NIA), focusing on crypto and blockchain strategies.
Back on April 3, Zhao disclosed that he has been both formally and informally consulting with various governments on building blockchain infrastructure and regulatory frameworks—something he described as “deeply meaningful” work.
Binance Expands Presence in Kyrgyzstan
Shortly after CZ’s advisory role was revealed, Binance took a further step by announcing a partnership with Kyrgyzstan to implement a crypto payment solution. On May 4, Binance and the NIA signed a memorandum of understanding to roll out Binance Pay in the country. The initiative aims not only to enable crypto transactions but also to support educational initiatives via Binance Academy, which will collaborate with local institutions to deliver blockchain-related training.
In mid-April, Binance’s new CEO Richard Teng told the Financial Times that the exchange had been helping countries develop strategies for managing crypto reserves.
Kyrgyzstan Pushes Toward a Digital Economy
The Central Asian nation has been actively working to embrace digital financial systems. On April 17, President Sadyr Zhaparov signed a new law enabling the pilot of a central bank digital currency (CBDC), granting digital som legal tender status.
Additionally, reports indicate that Kyrgyzstan is developing a gold-backed stablecoin, dubbed the Gold Dollar (USDKG). The coin will be pegged to the U.S. dollar and supported by $500 million worth of gold from the Ministry of Finance.
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