Crypto News: Binance Coin to become National Crypto Reserve in Kyrgyzstan
Key Takeaways
- Kyrgyzstan announced a National Crypto Reserve, which includes Binance coin and other digital assets.
- The reserve was officially launched by the Kyrgyzstan President, Sadyr Japarov, along with a national digital currency and a stablecoin on October 25.
- The launch of both was shared by Changpeng Zhao on X, and he encouraged crypto companies to explore Kyrgyzstan.
- Kyrgyzstan is emerging as an alternative option as Western countries are shifting towards increased scrutiny and tighter regulations.
Kyrgyzstan, the mountainous, central Asian country with more than 7 million population announced a National Crypto Reserve, which includes Binance coin and other digital assets. The reserve was officially launched by the Kyrgyzstan President, Sadyr Japarov, along with a national digital currency and a stablecoin on October 25. The moves show the growing influence of Binance and Kyrgyzstan positioning itself as an emerging crypto hub.
Binance Coin becomes part of Kyrgyzstan’s National Crypto Reserve.
Kyrgyzstan is emerging as a major crypto center with the launch of the national crypto reserve, with Binance coin included, and a stablecoin on the Binance chain. The launch of both was shared by Binance Founder, Changpeng Zhao, on X (formerly Twitter) on October 25 after he visited the mountainous central Asian country.
The Kyrgyzstan President, Sadyr Japarov, officially announced the initiatives following a meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies. Kyrgyzstan National Crypto Reserve will include the BNB coins and other digital assets. The national stablecoin (KGST) is pegged 1:1 to the Kyrgyzstani som and is built on the BNB chain. In addition to these initiatives, the country also launched a Central Bank Digital Currency (CBDC) for government-related payments.
According to Changpeng Zhao’s post, in addition to the national reserves and currency launch, Binance is also partnering with top Universities in Kyrgyzstan. Moreover, the crypto meetup in Bishkek attracted over 1,000 participants. The Binance founder Changpeng Zhao is currently serving as the strategic advisor to the Kyrgyz Crypto Committee.
With cryptocurrencies coming under increased scrutiny in Western countries, countries such as Kyrgyzstan are emerging as fertile ground for cryptocurrencies to thrive. Changpeng Zhao also encouraged crypto companies to visit Kyrgyzstan on X.
Earlier this month, the Binance founder hit headlines, following U.S. President Trump’s pardon in a money laundering case. Changpeng Zhao stepped down from the Binance CEO post after pleading guilty in 2023 in the money laundering case, and he served a federal prison term of 4 months. The pardon had invited fiery criticism from the opposition in the U.S. Despite the founder’s efforts, Binance’s native token is having a bumpy road today.
How is BNB Faring Now?
The BNB is currently trading around $1,136.20; the price has decreased by 1.75% in the past 24 hours. The current decline in prices is largely attributed to a combination of a developing macro environment and weak technical signals. The investors have moved to a cautious state as the Fed rate cuts are nearing, and some traders are trying to lock in the gains before policy shifts. Technical analysis, on the other hand, is giving mixed signals, with market oscillators suggesting a bearish trend while moving averages are sending buy signals.
Amid the mixed signals, the traders are closely watching whether BNB can hold on to the current level and test resistance at 1,220.80. A failure to hold the psychological level $1000 can lead to deeper corrections.
Crypto & Blockchain Expert