Helius Labs’ CEO calls out Binance's CZ for endorsing and contributing to Kyrgyzstan's CBDC efforts

Mert Mumtaz, CEO of Helius Labs is one of those who sees CBDC as a step backward, one that puts custody of personal finances in the hands of the government. The Solana network contributor’s latest disapproval came as a vocal reaction to Changpeng Zhao’s support for a Kyrgyzstan government CBDC pilot. 

Several hours ago, CZ took to X to reveal what he called “updates from Kyrgyzstan.” In the post, he listed updates such as how the country’s national stablecoin has launched on BNB Chain, how the CBDC is ready for rollout, and how the national cryptocurrency reserve has been set up with BNB included. 

He also expressed pride in bringing Sign, a platform that describes itself as the blockchain stack built for sovereign nations, to work with Kyrgyzstan.

Mert kicks against the idea of CBDCs

In his response to CZ, Mert claimed CBDCs are “*entirely* antithetical to what crypto is.” He continued, “We are trading sovereignty for surveillance, everyone must be united in saying NO to this, crypto without privacy is not crypto.” 

Then in another tweet, he implied that CZ, with all his experience and know-how, should not be one of those “helping nations” develop CBDCs” and called it “incredible to brag about.” 

“It is insane to me that the most influential person in crypto is not only promoting this, but making it happen, unbelievable, CBDCs are entirely dystopian,” Mert’s statement reads. 

Quite a number of commenters seemed to agree with Mert’s opinions with a considerable number claiming CZ does not actually care about the industry and will do anything “to pump his bags.” 

CZ’s progress update comes after his two-day trip to Kyrgyzstan

CZ’s ties to Kyrgyzstan have grown since he made his first visit to Kyrgyzstan in May, when he was introduced to President Sadyr Japarov, became a member of the inaugural National Council for the Development of Virtual Assets and Blockchain Technologies, and signed a memorandum for crypto and blockchain collaboration. 

His latest comment about the country came after a second visit, which lasted for two days, and saw him in another meeting with President Sadyr Japarov, where they discussed opportunities in blockchain technology and digital economy expansion.

CZ has spoken positively about the visit on X, stating he “had a great time in Kyrgyzstan” over those two days. Aside from his informal meeting with the president, CZ also joined him on a visit to Ala-Archa National Park, an excursion shared by Presidential press secretary Askat Alagozov on Facebook.

With its new legislation, which includes a regulatory sandbox for testing financial solutions and a legal framework for virtual assets, stablecoins, and mining, Kyrgyzstan hopes to advance its digital asset strategy, and CZ seems committed to helping, as he has been appointed to the National Council on blockchain development in Kyrgyzstan.

The former Binance CEO, who just received a pardon from Trump, has encouraged other crypto companies to explore opportunities in Kyrgyzstan, highlighting the country’s potential for digital innovation and international investment.

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