- CZ advocates for BTC and BNB to be Kyrgyzstan’s digital asset reserve, sparking reactions among crypto faithful.
- Binance to roll out crypto payments and blockchain education across Kyrgyzstan following a recent MoU with the government.
- Kyrgyzstan launches CBDC pilot and eyes a USD- and gold-backed stablecoin to strengthen its position as a crypto-friendly hub.
Former Binance CEO Changpeng “CZ” Zhao has urged Kyrgyzstan to consider Bitcoin and BNB as the two pioneer digital assets for its national crypto reserves. CZ’s remark comes as Binance recently entered an agreement to advance cryptocurrency services and education in the Central Asian nation.
CZ Urges Kyrgyzstan to Adopt BNB and BTC as National Crypto Reserve
In a recent X post, the Binance founder opined that Kyrgyzstan should adopt “BNB and BTC as the two starting crypto for the National Crypto Reserve.” This statement, which followed comments about a BNB plate-numbered vehicle, came during his visit to the country.
CZ is known for holding a large crypto portfolio and currently possesses about 64% of BNB’s circulating supply (94 million BNB coins). Per current valuation, these coins are worth approximately $55 billion. In recent times, Kyrgyzstan has stepped up its pursuit of keying into the growing cryptocurrency market, particularly in view of adopting the asset as a store of value. Early last month, the country appointed Zhao to the National Crypto Committee in an advisory role. CZ acknowledged that the appointment had been worthwhile.
Binance Partners to Launch Crypto Reserve and Promote Blockchain Adoption
Many countries are set to follow the U.S.’s example by establishing a Strategic Crypto Reserve. Kyrgyzstan could adopt this trend with its latest partnerships and national cryptocurrency reforms. Just one month after employing CZ’s services, the nation signed a memorandum of understanding (MOU) with Binance.
As part of the MoU signed on May 4, the crypto platform will introduce a nationwide digital asset payments system. At the same time, its educational arm, Binance Academy, will carry out blockchain and crypto sensitization in the nation. According to Binance’s Regional Head, Kyrylo Khomiakov, Kyrgyzstan is set to commence the creation of a BNB and Bitcoin reserves.
Kyrgyzstan Advances Crypto Plans with CBDC Pilot and Stablecoin Proposal
The Asian country has actively taken steps to become a crypto-friendly hub, similar to other countries on the continent. On April 17, Kyrgyzstan President Sadyr Zhaparov approved a central bank digital currency pilot project and recognized the Kyrgystani Som as legal tender. Reports also indicate that the country may soon launch a stablecoin backed by the U.S. dollar and gold.
A few years ago, the idea of countries and large institutions holding crypto assets was not a widely accepted concept. However, the narrative has changed in the last four years as several nations are actively boosting their digital asset coffers, mainly with Bitcoin and other coins. Many top market commentators now view Bitcoin and other crypto assets as a store of value, immune to loss of value and centralized control.
At the time of writing, Bitcoin trades at $94,513 following a 14.08% rally in the past month. BNB is changing hands at $598 after increasing by just 1% during the same timeframe.
