“`html
Binance co-founder Changpeng “CZ” Zhao has contested reports indicating that he has been advocating for a proposal to create a crypto-friendly private bank in the Central Asian country of Kyrgyzstan, where he offers consultancy services.
The speculation arose following Kyrgyzstan President Sadyr Japarov’s statement to the Kabar news agency on Sunday that CZ had traveled to the nation in May and proposed a collaborative venture to set up a private bank that also engages in cryptocurrency.
Japarov asserts he would have preferred establishing a state-owned bank, but when CZ dismissed the notion, “we opted to create a private bank” instead, culminating in Bereket Bank.
Changpeng Zhao rejects involvement in bank proposal
CZ, nonetheless, has denied Japarov’s assertions. In an X post on Monday, the former Binance CEO stated he was not involved in the proposal and holds no desire to operate a bank in any case.
“This is inaccurate. Not entirely at 4 FUD level, but still erroneous. I never suggested establishing a bank myself. Although I back banks collaborating with crypto broadly, I have no desire to manage one. I do not recognize the name mentioned below. It’s not something I suggested.”
“I might have expressed a desire for an abundance of digital banks supporting crypto,” he further noted.
CZ provides consultancy in Kyrgyzstan
Despite disputing the claims of his involvement in the private bank, CZ did disclose in April that he was advising the nation on blockchain and cryptocurrency-related regulations and technology after entering into a memorandum of understanding with Kyrgyzstan’s agency for foreign investments.
Related: Kyrgyz officials outline strategy to transform the nation into a regulated crypto haven
Since taking on the advisory role, he has engaged with various cryptocurrency initiatives within the country.
Kyrgyzstan introduced a new stablecoin pegged 1:1 to the Kyrgyzstani som in October. CZ announced at that time that the stablecoin would operate on the BNB Chain and its native token BNB (BNB) would also be incorporated into the nation’s cryptocurrency reserves if launched.
Simultaneously, CZ mentioned that Kyrgyzstan is integrating Binance’s educational division, Binance Academy, with 10 of its leading universities and localizing the Binance app throughout the nation.
Magazine: Mysterious Mr Nakamoto author: Discovering Satoshi would harm Bitcoin
Source link
“`