Bitcoin and BNB worth $55 billion proposed for Kyrgyzstan reserves

Binance co-founder Changpeng Zhao has advised Kyrgyzstan to consider Bitcoin (CRYPTO:BTC) and BNB (CRYPTO:BNB) as the foundation for its national crypto reserves, with the combined value of Zhao’s BNB holdings estimated at $55 billion according to Forbes.

On May 5, Zhao posted on X that he recommended Bitcoin and BNB as starting assets for Kyrgyzstan’s reserve strategy, following his recent advisory role with the country’s National Investment Agency on blockchain and crypto matters.

A month prior, Zhao accepted an invitation from President Sadyr Zhaparov to join the National Crypto Committee, marking an official collaboration between Binance and Kyrgyzstan.

On May 4, Binance signed a memorandum of understanding with Kyrgyzstan’s National Investment Agency to introduce Binance Pay, enabling crypto transactions and aiming to expand blockchain education in the country.

Binance Academy is set to work with government agencies to develop educational programs focused on blockchain technology.

“Only 10% is utilised. The remaining power could be used to mine crypto and generate revenue,” President Zhaparov stated, expressing interest in leveraging the country’s unused hydroelectric power for sustainable crypto mining and positioning Kyrgyzstan as a potential green crypto hub.

Kyrgyzstan has also taken legislative steps toward digital assets, with a law signed in April authorising a central bank digital currency pilot and granting legal tender status to the digital form of the national currency.

The country reportedly plans to launch a gold-backed stablecoin, the Gold Dollar (USDKG), pegged to the US dollar and backed by $500 million in gold from the Ministry of Finance, though official confirmation is pending.

Binance CEO Richard Teng noted in April that the exchange has been advising various countries on establishing crypto reserves.