Binance co-founder Changpeng “CZ” Zhao dismissed reports that he was leading a proposal to set up a cryptocurrency-friendly private bank in the Central Asian nation of Kyrgyzstan, where he would provide advisory services.
The rumors surfaced after Kyrgyz President Sadyr Japarov told the Kabar news agency on Sunday that the Czechoslovakian visited the country in May and proposed a collaborative effort to create a private bank that would also deal in cryptocurrencies.
Japarov claims that he would have preferred to open a state-owned bank, but when Czechoslovakia rejected the idea, “we agreed to open a private bank,” instead, leading to the creation of Bereket Bank.
Changpeng Zhao denies that he is behind the bank’s proposal
But Czechoslovakia refuted Japarov’s claims. In X’s post on Monday, the former Binance CEO said He said He was not behind the proposal and has no interest in running the bank regardless.
“That’s not true. Not quite FUD level 4, but still false. I never proposed starting a bank myself. While I support cryptocurrency banks in general, I have no interest in running a bank. I don’t know the name listed below. It’s not something I suggested.”
“I might have said something like: I hope there are as many digital banks that support cryptocurrencies as possible,” he added.
Czechoslovakia carries out consulting work in Kyrgyzstan
Despite refuting claims that it is behind the private bank, Czechoslovakia revealed in April that it was advising the country on blockchain, regulation and technology related to cryptocurrencies after signing a memorandum of understanding with Kyrgyzstan’s Foreign Investment Agency.
Related to: Officials in Kyrgyzstan outline a strategy to make the country a regulated haven for cryptocurrencies
He also attended the second meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies with Japarov, when it was announced that Kyrgyzstan has introduced a new stablecoin pegged 1:1 to the Kyrgyzstani som on the BNB chain, and BNB (BNB) will be included in the cryptocurrency reserve if it is launched.
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