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

Binance co-founder Changpeng CZ Zhao has proposed Bitcoin and BNB as the first digital assets to form Kyrgyzstans 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 BNBs circulating supply. At the time of writing, these tokens are worth about $55 billion.The proposal follows Zhaos earlier announcement that he had begun advising Kyrgyzstans National Investment Agency (NIA) on blockchain and crypto-related matters. On April 3, Zhao confirmed hes been officially and unofficially advising governments on crypto frameworks and blockchain solutions. The former Binance CEO said that he finds the work extremely meaningful.Source: Changpeng ZhaoBinance to launch crypto payments in KyrgyzstanA 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 upKyrgyzstan reportedly plans a gold-backed stablecoinThe 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 countrys Ministry of Finance to confirm the reports but did not get a response before publication.loading="lazy">Magazine: Crypto wanted to overthrow banks, now its becoming them in stablecoin fight