CZ Denies Involvement in Kyrgyzstan’s Bereket Bank - Binance Founder Sets Record Straight
Breaking: Crypto titan Changpeng Zhao slams rumors of backing Central Asian banking venture
The Clarification
Binance's former CEO fires back against speculation linking him to Kyrgyzstan's emerging financial project. CZ's blunt denial cuts through the noise surrounding Bereket Bank's alleged crypto connections.The Reality Check
Another day, another 'crypto bank' scheme trying to ride coattails of legitimate industry leaders. The pattern repeats: ambitious projects drop big names hoping for credibility-by-association. Meanwhile, traditional finance institutions still can't decide whether to embrace crypto or regulate it into oblivion.The Bottom Line
CZ maintains his focus on legitimate crypto infrastructure while distant banking ventures scramble for attention. The denial serves as another reminder that in crypto, verification beats speculation every time.
Kyrgyzstan, a small Central Asian nation, is showing growing interest in digital assets.
The country has recently made headlines for its growing involvement with Binance founder Changpeng Zhao (CZ) in efforts to develop its crypto space. However, recent remarks from President Sadyr Japarov linking CZ to a new bank has drawn attention and sparked discussion online.
Kyrgyz President links CZ to Bereket Bank
In a recent interview with the Kabar news agency, President Sadyr Japarov spoke about the launch of Bereket Bank, noting that the idea came from CZ. The new bank is a private business initiative and is expected to attract major investments to Kyrgyzstan. It will operate like any regular bank but is expected to focus on digital assets and VIRTUAL currencies.
President Japarov notes that the world is rapidly moving toward digital assets.
According to Japarov, CZ visited Kyrgyzstan in May and proposed creating a digital bank. Seeing a potential in the idea, Japarov initially suggested launching it as a state-owned institution. However he claimed that Zhao preferred a private venture. As a result, they agreed to establish a private bank, which later became Bereket Bank.
Japarov also said that Zhao visited Kyrgyzstan because he recognized the country’s progress, its strong fight against corruption, growing economy, and improved security. He added that Zhao’s involvement could bring billions of dollars in investment through Bereket Bank.
CZ Denies The Claims
However, CZ refuted these claims noting that it was incorrect and he never proposed creating a bank himself. “This isn’t correct. Not quite ‘4’ FUD level, but still wrong,” he said in a now deleted post. He added that while he supports banks working with crypto generally, he has no personal interest in running one and does not recognise the name mentioned.
One user commented, “Next up: CZ spotted opening a lemonade stand in Bishkek” to CZ’s reply. CZ played along with the humor, replying, “I might have ‘proposed’ that”.
Kyrgyzstan Expands Crypto Initiatives
This comes as Kyrgyzstan continues to collaborate with CZ to advance its crypto push.
The country has officially launched its national stablecoin on BNB Chain, and its central bank digital currency (CBDC) is ready for rollout. The CBDC will be used for government-related payments and services.
Updates from Kyrgyzstan
– The National Stablecoin launched, on @BNBChain
– The CBDC is ready for rollout. Yes, both. CBDC will be used for gov related payments, etc
– The National cryptocurrency Reserve set up, #BNB included
– LE training
– Binance Academy with 10 top… https://t.co/KPrL0pnsWG pic.twitter.com/SInh5aCPMZ
Kyrgyzstan has also established a National Cryptocurrency Reserve, which includes BNB among its assets. CZ has also encouraged more crypto companies to explore Kyrgyzstan.
President Japarov also issued several instructions, including improving the legislative framework for virtual assets, submitting proposals for a state cryptocurrency reserve within two months, and directing the National Bank to begin pilot testing of the digital som platform.
