Binance co-founder Changpeng “CZ” Zhao has proposed Bitcoin and BNB as the first digital assets to form Kyrgyzstan’s national crypto reserves.
On May 5, Zhao shared on X that he advised Kyrgyzstan to start with Bitcoin (BTC) and BNB (BNB) when building its national crypto reserve. In 2024, Forbes claimed that Zhao holds about 94 million BNB tokens, about 64% of BNB’s circulating supply. At the time of writing, these tokens are worth 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 matters.
On April 3, Zhao confirmed he’s been officially and unofficially advising governments on crypto frameworks and blockchain solutions. The former Binance CEO said that he finds the work extremely meaningful.
Binance to launch crypto payments in Kyrgyzstan
A month after CZ announced his role in advising Kyrgyzstan, Binance announced a partnership with the country to launch a crypto payments service.
On May 4, Binance signed a memorandum of understanding (MOU) with the NIA to introduce Binance Pay to the country, enabling crypto transactions. The partnership also aims to boost crypto education in the country, with Binance Academy set to work with government agencies to develop blockchain-focused educational programs.
Binance also said that the exchange had been advising multiple governments and jurisdictions on crypto-related policy. On April 17, Binance CEO Richard Teng said in a Financial Times interview that the exchange had been advising countries on crypto reserves.
Kyrgyzstan has been making moves to become a digital asset-friendly jurisdiction. On April 17, Kyrgyzstan President Sadyr Zhaparov signed a law authorizing a central bank digital currency pilot project while giving the national currency’s digital form a legal tender status.
Related: Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up
Kyrgyzstan reportedly plans a gold-backed stablecoin
The country also reportedly plans to launch a gold-backed stablecoin. The gold-backed stablecoin will be pegged to the United States dollar and called the Gold Dollar (USDKG). This will be backed by $500 million in gold provided by the country’s Ministry of Finance.
Cointelegraph reached out to the country’s Ministry of Finance to confirm the reports but did not get a response before publication.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
