- Scott Bessent, U.S. Treasury Secretary, announced progress on a trade deal framework between the U.S. and China.
- The framework could prevent the implementation of planned 100% tariffs on China, promoting economic cooperation.
- Former Binance CEO Changpeng Zhao received a pardon from former President Donald Trump following an extensive $450,000 lobbying effort.
- Kyrgyzstan launched a stablecoin called KGST pegged 1:1 to its national currency and confirmed plans for a central bank digital currency (CBDC).
- The KGST stablecoin operates on the BNB Chain, and the country’s crypto reserve will include BNB tokens if launched.
Scott Bessent, U.S. Treasury Secretary, revealed on Sunday that substantial progress has been made toward a trade deal framework between the United States and China. This new framework aims to avoid the planned 100% tariffs on Chinese goods scheduled for November 1. Discussions will also include collaboration on security agreements.
Bessent stated that the threat of tariffs gave the U.S. significant negotiating leverage. He said, “President Trump gave me a great deal of negotiating leverage with the threat of 100% tariffs on November 1, and I believe we have reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese.” Investors responded positively, driving Bitcoin prices up 3.2% amid hopes the trade war will end soon and markets will rally.
Meanwhile, former Binance CEO Changpeng Zhao was pardoned by former President Donald Trump after a lobbying campaign by Binance, which included a $450,000 payment to a firm associated with Donald Trump Jr.’s close associate. This lobbying effort focused on obtaining “executive relief” after Zhao’s four-month prison sentence for violating U.S. Anti-Money Laundering (AML) laws.
In Central Asia, Kyrgyzstan has introduced a stablecoin named KGST, pegged 1:1 to the Kyrgyzstani som, and launched on the BNB Chain. The government confirmed plans to issue a central bank digital currency (CBDC) and establish a national crypto reserve. Former Binance CEO Changpeng Zhao, acting as a strategic adviser, attended a recent government meeting alongside President Sadyr Japarov.
Local officials have instructed the crypto committee to ensure the KGST stablecoin is listed on international exchanges and to develop proposals for a national crypto reserve within two months. President Japarov has directed the Ministry of Economy and Commerce to continue building a regulatory framework for virtual assets.
The pilot program for the digital som, developed with Build Block TECH, will proceed in three stages: connecting commercial banks for transfers, integrating the Central Treasury for social and government payments, and testing offline or low-connectivity transactions before a national rollout. This phased rollout aims to ensure smooth adoption of the digital currency nationwide.
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