#squarecreator - Binance has signed a memorandum of understanding (MOU) with the National Investment Agency of Kyrgyzstan to introduce crypto payment infrastructure and blockchain education in the country.
$BNB - The memorandum of understanding was formalized during the inaugural meeting of the Council for the Development of Digital Assets, attended by the President of Kyrgyzstan, Sadyr Japarov, the exchange said in a press release on May 4.
As part of the agreement, Binance will introduce Binance Pay in Kyrgyzstan, enabling cryptocurrency-based transactions for visitors and residents.
The partnership also focuses on educational collaboration. Binance Academy will work with government agencies and financial institutions in Kyrgyzstan to develop blockchain-focused learning programs.
"Binance is excited to partner with the National Investment Agency of the Kyrgyz Republic to drive the development of crypto assets in the region," said Kyrylo Khomiakov, regional head of Binance for Central and Eastern Europe.
On April 4, former Binance CEO Changpeng "CZ" Zhao stated that he would begin advising Kyrgyzstan on blockchain and cryptocurrency-related regulation after signing a memorandum of understanding with the country's foreign investment agency.
The President of Kyrgyzstan signs the law on CBDC
Despite its growing interest in cryptocurrencies and digital assets, Kyrgyzstan has also revealed its intentions to launch a central bank digital currency (CBDC).
On April 18, President Japarov signed a constitutional law authorizing the launch of a CBDC pilot project, while granting the "digital som" the status of legal tender.
Additionally, Kyrgyzstan has experience in cryptocurrency mining. The country's abundant hydroelectric resources have made it an attractive location for miners.
