Changpeng Zhao, the former CEO of Binance, is advising countries on crypto strategic reserves, following the U.S. government’s lead. He commended Bhutan’s crypto adoption while expressing frustration over Europe’s lack of progress. Despite his recent legal troubles and a four-month prison sentence, Zhao continues his pro bono advisory work for governments around the world.
Former CEO of Binance, Changpeng ‘CZ’ Zhao, is advising countries on how to implement crypto strategic reserves. This move comes in light of the U.S. government’s decision to create its own Bitcoin reserve. Zhao recently noted Bhutan’s forward-thinking approach towards crypto, while he has been critical of European countries, barring Montenegro, for their slow adoption of blockchain technology.
In a panel discussion at Token2049, Zhao explained that he has been advising numerous nations on basic aspects of forming a crypto reserve, such as which wallet solutions to use and whether to opt for professional custody or manage cold wallets internally. The U.S. leads this initiative after an executive order by President Trump directed the establishment of a Bitcoin reserve. Zhao pointed out that having crypto reserves could become essential, stating that, “the later you do it, the more expensive your crypto will be.”
Though Zhao has stepped back from his role at Binance after a $4.3 billion settlement with U.S. authorities, he still engages in pro bono advisory roles to different governments. His recent term in prison lasted for four months, leaving him released in September. As a result, Zhao is restricted from taking any role in managing Binance, yet he remains committed to advancing blockchain education worldwide.
Speaking from Dubai, he highlighted Bhutan as a case study in crypto adoption, noting the country has incorporated Bitcoin, Ethereum, and BNB into its strategic reserves. Schultz believes his consultation efforts are significant not only for the crypto sector but also for the economic growth of the countries he is advising. He insists on doing this work for free, claiming, “it’s all pro bono,” explaining its importance in aiding the development of the crypto industry.
However, he expressed concern over Europe’s position in this landscape, noting the lack of enthusiasm outside Montenegro. Zhao remarked, “I don’t see Europe in this discussion… other than Montenegro, [Europe] is kind of missing on the map.” So, even as the U.S. makes strides, Europe appears to be lagging behind.
On the topic of global blockchain adoption, Zhao disagreed with the idea that we’re at a plateau, countering that, while the U.S. is making moves others are just beginning. He explained, “Out of 200 countries, 12 countries are just starting.” Zhao also touched on the impatience seen in investors, acknowledging their desire for rapid returns but reminding them that the market does not operate that quickly. “The market doesn’t work like that,” he concluded, stressing that patience is key in the evolving world of cryptocurrency adoption.
