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Binance has formalized a memorandum of understanding (MOU) with Kyrgyzstan’s National Agency for Investments to implement cryptocurrency payment systems and blockchain education within the nation.
The MoU was established during the inaugural session of the Council for the Advancement of Digital Assets, attended by Kyrgyz President Sadyr Japarov, the exchange declared in a press announcement on May 4.
Under the terms of the agreement, Binance will launch Binance Pay in Kyrgyzstan, facilitating cryptocurrency transactions for tourists and locals.
The collaboration also emphasizes educational efforts. Binance Academy will partner with Kyrgyz governmental bodies and financial organizations to create blockchain-centric educational initiatives.
“Binance is eager to collaborate with the National Agency for Investments of the Kyrgyz Republic to promote the advancement of crypto-assets in the area,” Kyrylo Khomiakov, Binance’s regional director for Central and Eastern Europe, expressed.
On April 4, former Binance CEO Changpeng “CZ” Zhao stated he would commence advising Kyrgyzstan on blockchain and cryptocurrency-related policy following the signing of an MOU with the nation’s foreign investment agency.
Related: Former Binance CEO criticizes Europe for crypto adoption
Kyrgyzstan president endorses CBDC legislation
In spite of its increasing interest in cryptocurrency and digital assets, Kyrgyzstan has indicated plans to introduce a central bank digital currency (CBDC).
On April 18, President Japarov endorsed a constitutional law permitting the launch of a CBDC pilot program while also granting the “digital som” legal tender classification.
It is noteworthy that Kyrgyzstan has a history in cryptocurrency mining. The nation’s abundant hydroelectric resources have made it an appealing destination for crypto miners seeking affordable energy.
Over 30% of Kyrgyzstan’s total energy supply derives from hydroelectric facilities, yet only 10% of the country’s potential hydropower has been utilized, according to a report by the International Energy Agency.
Related: CBDCs ‘expensive fiat replicas’, not fintech achievements thus far: Former Binance executive
Binance enhances cooperation with governments
Binance’s latest partnership with the Kyrgyz administration coincides with the exchange’s recent expansion of collaborations with governments globally, aiming to fortify its international presence and influence in the cryptocurrency field.
In an April 17 interview, CEO Richard Teng remarked that the exchange has been consulting numerous governments on establishing strategic Bitcoin reserves and developing cryptocurrency asset regulations.
“We have indeed received quite a few inquiries from several governments and sovereign wealth funds regarding the establishment of their own crypto reserves,” Teng noted.
On April 7, former CZ was designated as an adviser to Pakistan’s Crypto Council, a newly established regulatory body responsible for overseeing the nation’s adoption of blockchain technology and digital assets.
Magazine: Bitcoin projected to $1M ‘by 2029,’ CIA acknowledges Bitcoin: Hodler’s Digest, April 27 – May 3
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