Binance has joined forces with the National Agency for Investments of the Kyrgyz Republic through a memorandum of understanding (MoU) to foster the growth of the digital asset sector in the region.
The announcement came during the first meeting of the Council for the Development of Digital Assets, attended by Kyrgyz President Sadyr Nurgozhoevich Japarov.
The collaboration will introduce Binance Pay in Kyrgyzstan, facilitating crypto-based payment solutions.
This move is expected to expand cross-border payment systems across Central Asia and the Eurasian Economic Union (EAEU).
The MoU also focuses on educational initiatives, with Binance Academy assisting the National Agency in crafting educational programmes.
These initiatives aim to enhance the digital asset knowledge of government and financial institutions, and enhance the financial literacy of the Kyrgyzstan populace and support domestic Web3 projects.
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By GlobalDataNational Agency for Investments head Farhat Iminov stated: “We are thrilled to embark on this strategic partnership with Binance, which marks a pivotal step in advancing the crypto-assets sector in the Kyrgyz Republic.
“Together, we aim to create a robust framework that supports the development of crypto-assets, enhances financial literacy, and opens new avenues for cross-border payments, ultimately benefiting our citizens and the broader region.”
Binance Central Asia and Africa CEE regional head Kyrylo Khomiakov said: “This Memorandum of Understanding represents a shared vision for leveraging blockchain technology to create sustainable economic opportunities, improve financial inclusion and advance the freedom of money in Kyrgyzstan.
“We look forward to working closely with our partners on all levels of the Kyrgyz government to implement innovative solutions and educational initiatives that will empower individuals and institutions alike.”
Last month, Binance augmented its fiat onramp ecosystem by integrating Apple Pay and Google Pay in partnership with Worldpay.
This move allows users to utilise credit or debit cards linked to these digital wallets for cryptocurrency purchases, thereby streamlining Binance’s fiat-to-crypto transaction process.
