Changpeng Zhao, former CEO of Binance, announced today that he has proposed including Bitcoin and Binance Coin in Kyrgyzstan's National Cryptocurrency Reserve Fund. This development comes after he was appointed by President Sadyr Japarov to the National Cryptocurrency Committee. This committee is tasked with guiding policies on digital assets and the regulatory framework of the country.
Zhao shared an update through a social media post, highlighting his recommendations on fundamental cryptocurrency assets in the sanctuary. Recently, he was seen next to a Kyrgyzstan car with the license plate '888 BNB', leading to speculation but later clarified as unrelated to him.
Binance partners with Kyrgyzstan on payments
In parallel, Binance has launched Binance Pay in the country, allowing residents to access cryptocurrency payments nationwide. This initiative is part of a broader collaboration between the exchange and the Kyrgyzstan government. It also includes blockchain education programs provided by Binance Academy, targeting officials, organizations, and the general public.
The concept of a cryptocurrency reserve is part of Kyrgyzstan's larger digital financial strategy. In April, President Japarov signed legislation approving a pilot program for the Central Bank's Digital Currency. The digital som will be issued and managed by the National Bank of Kyrgyzstan, with a full launch expected by 2027.
The gold-backed stablecoin project is under development
Additionally, the Kyrgyzstan government is preparing to launch USDKG, a stablecoin pegged to gold and indexed to the US dollar. Initially backed by $500 million in gold reserves, this project aims to expand to $2 billion over time.
Kyrgyzstan's efforts follow a broader global model. Bhutan recently announced plans to hold Bitcoin, Ethereum, and BNB in its national reserves. In March, the United States formalized its cryptocurrency strategy with the Strategic Bitcoin Reserve and Digital Asset Reserve through an executive order.