Two hours ago 04/05/2025
Binance has partnered with Kyrgyzstan to launch cryptocurrency payments and educational programs about blockchain technology in the country.
Binance signed a memorandum of understanding with the National Investment Agency of Kyrgyzstan to provide cryptocurrency payment infrastructure and blockchain-related education in the country.
The memorandum of understanding was formalized during the inaugural meeting of the Digital Asset Development Council, attended by Kyrgyz President Sadyr Japarov, according to the exchange's press release issued on May 4.
As part of the agreement, Binance will provide Binance Pay service to Kyrgyzstan, facilitating cryptocurrency-based transactions for visitors and residents.
The partnership also focuses on educational cooperation. The Binance Academy will work with Kyrgyz government bodies and financial institutions to develop educational programs focused on blockchain technology.
Kirill Khomyakov, Binance's regional president for Central and Eastern Europe, stated, "Binance looks forward to partnering with the National Investment Agency of the Kyrgyz Republic to drive the development of cryptocurrency assets in the region."
On April 4, former Binance CEO Changpeng "CZ" Zhao stated that he would start advising Kyrgyzstan on blockchain and cryptocurrency regulation after signing a memorandum of understanding with the country's Foreign Investment Agency.
Source: CZ
Related: Former Binance CEO criticizes Europe for adopting cryptocurrencies.
Kyrgyz President signs central bank digital currency law.
Despite its growing interest in cryptocurrencies and digital assets, Kyrgyzstan has also revealed its intention to launch a central bank digital currency (CBDC).
On April 18, President Japarov signed a constitutional law allowing the launch of a pilot project for a central bank digital currency, granting the "digital som" legal tender status.
It is worth noting that Kyrgyzstan has a strong track record in cryptocurrency mining. Its abundant hydropower resources have made it an attractive location for cryptocurrency miners seeking low-cost energy.
More than 30% of Kyrgyzstan's total energy supply comes from hydropower plants, but only 10% of the country's hydropower potential has been exploited, according to a report by the International Energy Agency.
Related: Central bank digital currencies are an "expensive paper version" and not yet a success in the fintech space: former Binance executive.
Binance expands its cooperation with governments.
Binance's new partnership with the Kyrgyz government comes at a time when the exchange has recently expanded its collaboration with governments worldwide, aiming to enhance its global presence and influence in the cryptocurrency sector.
In an interview conducted on April 17, CEO Richard Teng said that the exchange was advising multiple governments on establishing strategic Bitcoin reserves and formulating cryptocurrency asset regulations.
Teng said, "We have already received quite a few initiatives from several governments and sovereign wealth funds regarding the establishment of their own cryptocurrency reserves."
On April 7, the former CZ was appointed advisor to the Pakistan Crypto Council, a newly formed regulatory body tasked with overseeing the country's adoption of blockchain technology and digital assets.
Binance signed a memorandum of understanding with the National Investment Agency of Kyrgyzstan to provide cryptocurrency payment infrastructure and blockchain-related education in the country.
The memorandum of understanding was formalized during the inaugural meeting of the Digital Asset Development Council, attended by Kyrgyz President Sadyr Japarov, according to the exchange's press release issued on May 4.
As part of the agreement, Binance will provide Binance Pay service to Kyrgyzstan, facilitating cryptocurrency-based transactions for visitors and residents.
The partnership also focuses on educational cooperation. The Binance Academy will work with Kyrgyz government bodies and financial institutions to develop educational programs focused on blockchain technology.
Kirill Khomyakov, Binance's regional president for Central and Eastern Europe, stated, "Binance looks forward to partnering with the National Investment Agency of the Kyrgyz Republic to drive the development of cryptocurrency assets in the region."
On April 4, former Binance CEO Changpeng "CZ" Zhao stated that he would start advising Kyrgyzstan on blockchain and cryptocurrency regulation after signing a memorandum of understanding with the country's Foreign Investment Agency.
Source: CZ
Related: Former Binance CEO criticizes Europe for adopting cryptocurrencies.
Kyrgyz President signs central bank digital currency law.
Despite its growing interest in cryptocurrencies and digital assets, Kyrgyzstan has also revealed its intention to launch a central bank digital currency (CBDC).
On April 18, President Japarov signed a constitutional law allowing the launch of a pilot project for a central bank digital currency, granting the "digital som" legal tender status.
It is worth noting that Kyrgyzstan has a strong track record in cryptocurrency mining. Its abundant hydropower resources have made it an attractive location for cryptocurrency miners seeking low-cost energy.
More than 30% of Kyrgyzstan's total energy supply comes from hydropower plants, but only 10% of the country's hydropower potential has been exploited, according to a report by the International Energy Agency.
Related: Central bank digital currencies are an "expensive paper version" and not yet a success in the fintech space: former Binance executive.
Binance expands its cooperation with governments.
Binance's new partnership with the Kyrgyz government comes at a time when the exchange has recently expanded its collaboration with governments worldwide, aiming to enhance its global presence and influence in the cryptocurrency sector.
In an interview conducted on April 17, CEO Richard Teng said that the exchange was advising multiple governments on establishing strategic Bitcoin reserves and formulating cryptocurrency asset regulations.
Teng said, "We have already received quite a few initiatives from several governments and sovereign wealth funds regarding the establishment of their own cryptocurrency reserves."
On April 7, the former CZ was appointed advisor to the Pakistan Crypto Council, a newly formed regulatory body tasked with overseeing the country's adoption of blockchain technology and digital assets.
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