CZ Recommends Bitcoin, BNB for Kyrgyzstan’s Crypto Reserves
Binance co-founder Changpeng “CZ” Zhao has recommended that Kyrgyzstan begin its national crypto reserves with Bitcoin and Binance Coin (BNB). On May 5, Zhao tweeted on X (formerly Twitter) that the two cryptocurrencies would be a good foundation for the country’s reserve strategy.
The proposal aligns with Zhao’s role in advising Kyrgyzstan’s National Investment Agency (NIA) on crypto and blockchain-related frameworks. He’s already indicated he’s been giving similar advice—both officially and unofficially—to several governments around the world and is finding the work “extremely meaningful.”
Binance Pay Launches with Government Partnership
A day preceding Zhao’s tweet, Binance signed a memorandum of understanding (MOU) with the NIA on May 4 to launch Binance Pay in Kyrgyzstan. The cryptocurrency payment solution will allow customers in the country to conduct payments using digital assets, further expanding the exchange’s presence in Central Asia.
In addition to the payment service, the partnership includes a multi-faceted educational component. Binance Academy will collaborate with Kyrgyz government agencies to introduce blockchain-based programs, with the aim to reskill citizens and build a technologically savvy workforce.
Kyrgyzstan Drives Digital Asset Adoption
Kyrgyzstan is making additional moves to join the crypto-friendly nations. President Sadyr Zhaparov signed into law on April 17 a central bank digital currency (CBDC) pilot program. The law also provides for the legal tender status of the digital Kyrgyz som.
Gold-Backed Stablecoin Being Developed
In addition to its digital finance ambitions, Kyrgyzstan is also reportedly to introduce a U.S. dollar-pegged gold-backed stablecoin. Temporarily named the Gold Dollar (USDKG), it will be collateralized by $500 million in gold by the country’s Ministry of Finance. While unconfirmed by officials, this would be another significant step in linking traditional and blockchain-based finance.
