Binance has significantly expanded crypto adoption in Central Asia by partnering with Kyrgyzstan’s National Agency for Investments.
This collaboration aims to introduce crypto payment infrastructure and blockchain education nationwide.
The partnership was formalized during the inaugural meeting of Kyrgyzstan’s Council for the Development of Digital Assets, attended by President Sadyr Japarov. Under the memorandum of understanding (MoU), Binance will introduce its payment platform, Binance Pay, facilitating smooth crypto transactions for residents and visitors. Additionally, Binance Academy will work with Kyrgyz government agencies and financial institutions to create educational programs on blockchain technology, aiming to enhance local expertise and support the country’s digital asset ecosystem.
Kyrylo Khomiakov, Binance’s regional head for Central and Eastern Europe, expressed enthusiasm about the partnership, stating,
“Binance is excited to partner with the National Agency for Investments of the Kyrgyz Republic to drive forward the development of crypto-assets in the region.”
Kyrgyzstan has shown a proactive stance towards digital assets beyond this partnership. On April 18, President Japarov signed a constitutional law authorizing a pilot project for a central bank digital currency (CBDC), the “digital som,” which will have legal tender status. This initiative reflects the country’s dual approach of embracing decentralized cryptocurrencies and state-backed digital currencies.
The country’s abundant hydroelectric resources, supplying over 30% of its energy, have made it an attractive hub for cryptocurrency mining, leveraging low-cost, renewable energy. However, only about 10% of Kyrgyzstan’s hydropower potential is currently utilized, indicating room for growth in energy-intensive crypto activities.
Binance has partnered with Kyrgyzstan to introduce crypto payments, aligning with its global government engagement strategy. Binance CEO Richard Teng stated that the exchange advises multiple governments on Bitcoin reserves and regulations. Notably, Former CEO Changpeng Zhao (“CZ”) met with World Liberty Financial (WLFI) founders to discuss global expansion in the cryptocurrency space. CZ also advises countries like Malaysia & Pakistan on blockchain policies.
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