Changpeng Zhao, the creator of Binance, has consented to provide Kyrgyzstan with blockchain and cryptocurrency assistance in order to support the nation’s government and economy.
Changpeng “CZ” Zhao, the former CEO of Binance, has signed a memorandum of understanding with the Kyrgyz Republic’s foreign investment agency and will start advising the government on blockchain and crypto-related legislation and technology.
In an April 3 X post, the cryptocurrency entrepreneur said that he considers his job “extremely meaningful” and that “I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading.”
His remarks followed Kyrgyz President Sadyr Zhaparov’s earlier X post in which he announced that Kyrgyzstan’s National Investment Agency (NIA) had inked an agreement with CZ to provide technological know-how and advisory services to the Central Asian nation.
Promoting foreign investments and helping foreign businesses find business possibilities in the nation are the NIA’s responsibilities.
“This collaboration is a significant step in developing cutting-edge solutions, bolstering technology infrastructure, and training highly skilled experts in blockchain, virtual asset management, and cybersecurity,” Zhaparov said.
“Such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, consequently creating new opportunities for businesses and society as a whole,” the president of Kyrgyzstan said.
Kyrgyzstan is a landlocked, mountainous nation that formally changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993.
Its plentiful, mostly untapped renewable energy resources make it a good fit for cryptocurrency mining operations.
According to a research by the International Energy Agency, hydroelectric power plants account for more than 30% of Kyrgyzstan’s overall energy supply, yet just 10% of the nation’s potential hydropower has been realized.
Prime Minister Anwar Ibrahim met with CZ in January, and Malaysia recently sought his advice on issues pertaining to cryptocurrency.
It is unclear what the topics of CZ’s talks with authorities in Bhutan, a nation that is known for bitcoin stacking, and the United Arab Emirates were.
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CZ’s most recent endeavors follow his release from a four-month jail term in the United States for breaking several anti-money laundering rules, which occurred little over six months ago.
Since its release, CZ has invested in businesses involved in biotechnology, blockchain technology, and artificial intelligence.
Additionally, CZ recently contributed 1,000 BNB BNB $597.88, or almost $600,000, to help with earthquake relief operations in Thailand and Myanmar after the late April natural tragedy.
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