In the latest happenings in the crypto sphere, major news includes signals from the US Treasury Secretary Scott Bessent regarding a potential trade framework agreement with China, which may positively influence Bitcoin’s value, alongside the lobbying efforts leading to the pardon of Binance’s former CEO Changpeng “CZ” Zhao by Donald Trump, and Kyrgyzstan’s launch of a new stablecoin.

US Treasury Secretary Scott Bessent Signals Trade Deal Framework Between the US and China

On Sunday, Scott Bessent, the US Treasury Secretary, announced noteworthy advancements towards a trade deal framework with China, lifting investor optimism and suggesting that previous tariffs might not be enacted. He stated,

“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.”

Scott Bessent
Scott Bessent breaks the news of positive trade negotiations between the US and China. Source: The White House

The crypto market reacted favorably, with Bitcoin’s value increasing by 3.2% as traders viewed the news as a promising indicator of a potential end to the trade conflict.

CZ’s Pardon Came After Costly Binance Lobbying Push in Washington

The pardon granted to former Binance CEO Changpeng “CZ” Zhao by Donald Trump was a result of an elaborate lobbying effort that reportedly cost $450,000 over one month to secure support from influential connections.
Donald Trump
US President Donald Trump answers reporters’ questions on several topics, including CZ, at Thursday’s press conference. Source: The White House

Kyrgyzstan Rolls Out New Stablecoin While Confirming CBDC Plans

Kyrgyzstan has introduced a new stablecoin pegged to the Kyrgyzstani som alongside plans for a central bank digital currency (CBDC). The KGST stablecoin will operate on the BNB Chain and may eventually be included in a crypto reserve. Sadyr Japarov, the country’s president, urged continued legislative development for virtual assets and future pilot testing of the digital som.

Updates from Kyrgyzstan:

• The National Stablecoin launched, on @BNBChain
• The CBDC is ready for rollout.
• The National Cryptocurrency Reserve was established, with #BNB included.

For further developments in the crypto landscape, stay tuned.