Binance has partnered with the National Investment Agency of the Kyrgyz Republic through a memorandum of understanding (MoU) to promote the development of the digital asset sector in the region.
The announcement was made during the first meeting of the Digital Asset Development Council, attended by Kyrgyzstan President Sadyr Nurgozhoevich Japarov.
This collaboration will introduce Binance Pay in Kyrgyzstan, facilitating cryptocurrency-based payment solutions.
This move is expected to expand the cross-border payment system throughout Central Asia and the Eurasian Economic Union (EAEU).
The memorandum of understanding also focuses on educational initiatives, where Binance Academy supports the national agency in building educational programs.
These initiatives aim to enhance the digital asset knowledge of the government and financial institutions, improve financial literacy for the people of Kyrgyzstan, and support domestic Web3 projects.
The head of the National Investment Agency, Farhat Iminov, stated: "We are excited to begin this strategic partnership with Binance, marking a significant step forward in promoting the cryptocurrency asset sector in the Kyrgyz Republic.
“We are together aiming to create a solid framework to support the development of cryptocurrency assets, enhance financial understanding, and open new pathways for cross-border payments, ultimately benefiting our citizens and the entire region."
The head of the Central Asia and Africa CEE region at Binance, Kyrylo Khomiakov, said: "This memorandum reflects a shared vision of leveraging blockchain technology to create sustainable economic opportunities, improve financial inclusion, and promote monetary freedom in Kyrgyzstan.
“We look forward to closely collaborating with partners at all levels of the Kyrgyzstan government to implement innovative solutions and educational initiatives to empower both individuals and organizations."
Last month, Binance expanded its fiat payment ecosystem by integrating Apple Pay and Google Pay through a partnership with Worldpay.
This move allows users to use credit or debit cards linked to these digital wallets to purchase cryptocurrency, thereby streamlining the transaction process from fiat to cryptocurrency on Binance.
"Binance brings cryptocurrency payments to the Kyrgyz Republic" was originally created and published by Electronic Payments International, a brand owned by GlobalData.
