China's central bank announced interest rate cuts for the first time in three years, signaling a potential shift in monetary policy that could boost the crypto market. Meanwhile, a Taiwanese lawmaker proposed incorporating Bitcoin into the country's diversified reserves. In Kyrgyzstan, Binance CEO CZ suggested including BTC and BNB in the national reserves. The People's Bank of China (PBOC) lowered the one-year loan prime rate (LPR) by 15 basis points to 3.65%, and the five-year LPR by 10 basis points to 4.30%. This is the first rate cut since July 2022, as the government aims to stimulate economic growth amid slowing GDP. Taiwanese lawmaker, Wang Ting-jung, called for the inclusion of Bitcoin in the country's diversified reserves, arguing that it could help stabilize the economy and provide a hedge against inflation. The proposal comes amid rising inflation rates and economic uncertainty in the region. In Kyrgyzstan, Binance CEO Changpeng Zhao (CZ) suggested that the Central Asian country consider including Bitcoin (BTC) and Binance Coin (BNB) in its national reserves. CZ praised the country's crypto-friendly policies and its potential to become a regional crypto hub. Other notable developments in Asia's crypto scene include South Korea's financial regulator proposing stricter AML regulations for crypto exchanges, and the Philippines' central bank exploring a CBDC pilot program. India's central bank governor, meanwhile, reiterated his stance against crypto, calling it a "private asset class." Overall, Asia continues to be a hotbed for crypto developments, with governments and regulators grappling with the balance between fostering innovation and maintaining financial stability.
