Changpeng Zhao (CZ), co-founder and ex-CEO of Binance, is now playing a crucial advisory role in developing cryptocurrency regulations and reserves in various nations. This effort has gained traction, particularly in the U.S. under Donald Trump’s administration, and is now reaching Central Asia.
CZ Establishes MoU in Kyrgyzstan
On Monday, Zhao posted a photo on social media, marking his visit to Kyrgyzstan, a country that has been increasingly active in the digital asset sphere recently.
During this visit, a Memorandum of Understanding (MoU) was signed to enhance cooperation in the digital assets domain.
The MoU was signed at the first meeting of the Council for the Development of Digital Assets, which was attended by Kyrgyz President Sadyr Japarov.
This partnership is expected to introduce Binance Pay in Kyrgyzstan, providing crypto payment solutions and improving cross-border payment systems throughout Central Asia and the Eurasian Economic Union (EAEU).
Educational programs led by Binance Academy will support the National Agency in enhancing digital asset knowledge among government officials and financial institutions.
CZ also stated that he will recommend the country consider adopting Bitcoin (BTC) and Binance Coin (BNB) for a national crypto reserve.
Blockchain for Sustainable Economic Growth
Farhat Iminov, the head of the National Agency for Investments, expressed excitement about the partnership, noting its potential to revolutionize the crypto landscape in Kyrgyzstan.
“We aim to create a strong framework that supports crypto development, boosts financial literacy, and opens new paths for cross-border payments, ultimately benefiting our citizens and the region,” Iminov stated.
Kyrylo Khomiakov, Binance’s regional head for Central Asia and Africa, shared these views. He said that the MoU symbolizes a collective goal to use blockchain technology for sustainable economic growth and greater financial inclusion in Kyrgyzstan.
“We look forward to collaborating with our government partners on innovative solutions and educational efforts to empower individuals and institutions,” he added.
This partnership follows Binance’s recent improvements in its fiat onramp system, including the addition of Apple Pay and Google Pay through a collaboration with Worldpay.
This upgrade allows users to easily buy cryptocurrencies using linked credit or debit cards, simplifying the fiat-to-crypto transaction process.
As of now, BNB is priced at $599, reflecting a 2% increase within the last 24 hours. This value is 24% lower than its peak of $788, achieved in December during the last market surge.
Image sourced from DALL-E; chart data from TradingView.com.
