Changpeng Zhao (CZ) launches crypto reserve and stablecoin with Kyrgyzstan

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Kyrgyzstan has made significant progress in the crypto industry after delegates from the country, including the president, met with former Binance CEO CZ, who was pardoned by Trump just a few days ago. Find out exactly what the country has planned and why it's making history in the crypto industry here.

On October 25, Kyrgyz President Sadyr Japarov confirmed that Kyrgyzstan had established a national crypto reserve . The amount to be invested in it has not yet been announced. However, cryptocurrencies other than Bitcoin, such as BNB, are also expected to be included.

This makes Kyrgyzstan the first country to establish a strategic crypto reserve with multiple cryptocurrencies . It is also the first nation with a BNB reserve , although this is likely not solely due to CZ's involvement.

The Binance Smart Chain has recently experienced a real boom after former Binance CEO CZ became a strong advocate for it. As a result, the BNB coin has gained 85.29% in value over the past six months , ranking it 13th among the top 100 most lucrative coins during this time.

One of the main reasons for the inclusion of BNB is likely the blockchain's decentralized infrastructure . This will also be used to process Kyrgyz crypto programs . This will partially protect the country against future price increases and thus higher costs.

However, the new legislative package also laid the foundation for further progress in the crypto industry. In addition to tokenized RWAs, it also regulates stablecoins , of which Kyrgyzstan will also issue its own coin.

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As early as 2022, there were unofficial initiatives in which a private sector consortium of Kyrgyz entities issued a ruble-backed stablecoin . This was intended to circumvent Western sanctions , which are enforced, among other things, via the SWIFT payment network, via a network of Kyrgyz, Russian, and Kazakh financial intermediaries.

However, the US government and the Office of Foreign Assets Control (OFAC) sanctioned several companies and individuals from Kyrgyzstan, Russia, and the UAE in the spring of 2023. Following this failed attempt, however, the official government has now launched a new stablecoin.

Instead of rubles, it will be backed by Kyrgyzstan's national fiat currency, the som. This is the currency introduced in 1993 after the dissolution of the Soviet Union. It is also the first stablecoin for this fiat currency, now competing with, among others, the US dollar.

Unlike the first stablecoin project, the new cryptocurrency was issued on the Binance Smart Chain and pegged 1:1 to the national currency, SOM . In addition, the country has also developed its own CBDC called digital Som , which is currently still in the testing phase.

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Thanks to CZ's commitment, the Binance Smart Chain has recently experienced a real boom, catapulting some memecoins, such as the corresponding BNB SZN, by 30,000% in just a few days . However, this is just one of numerous recent examples.

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