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Binance collaborates with the Kyrgyz Republic to support digital currencies amid progress in the CBDC project
The Binance platform announced the signing of a memorandum of understanding with the National Investment Agency of the Presidency of the Kyrgyz Republic, in a move aimed at enhancing the growth of the digital assets sector in the country through a long-term strategic partnership.
The agreement was signed during the first meeting of the Digital Assets Development Council, attended by the President, “Sadyr Japarov.”
This partnership comes in conjunction with the progress made by Kyrgyzstan in the central bank digital currency project, as the president recently signed amendments to the constitutional law granting the digital som the status of legal tender, empowering the National Bank to issue it and establish the regulatory frameworks for its use and oversee its digital platform.
Under the memorandum of understanding, Binance will work in collaboration with the National Investment Agency to develop the digital economy in Kyrgyzstan, focusing on expanding the adoption of cryptocurrencies in financial transactions.
Among the notable anticipated initiatives is the launch of “Binance Pay” services to facilitate digital payments, which enhances the efficiency of cross-border transfers within Kyrgyzstan and extends its impact to the Central Asia region.
