Binance to bring crypto payments to Kyrgyzstan, Central Asia

Leading cryptocurrency exchange Binance has set out to introduce crypto payments to Kyrgyzstan with the aim to streamline transactions for visitors and cross-border transfers in the region. The initiative is part of a newly signed agreement with a government agency that seeks to advance the Central Asian nation’s growing digital economy while also putting an emphasis on crypto education. Crypto payments coming to Kyrgyzstan through Binance Pay Binance, the largest cryptocurrency exchange by daily trading volume, announced it’s going to bring crypto payments to Kyrgyzstan through its Binance Pay service. The latter allows users to spend a variety of cryptocurrencies at merchants that employ it to accept digital cash. The move will be facilitated by a new partnership with the country’s National Investment Agency, a body under the president of Kyrgyzstan tasked to promote foreign investments and assist international companies in finding business opportunities in the former Soviet republic. The exchange and the agency signed a Memorandum of Understanding to collaborate in advancing Kyrgyzstan’s growing crypto sector during the first meeting of its recently formed National Council for the Development of Virtual Assets and Blockchain Technologies. The meeting took place with the participation of Kyrgyz President Sadyr Zhaparov. His press service also posted photos of him and Binance founder and former CEO Changpeng Zhao (CZ) who arrived on a working visit to the country. I was pleased to meet Changpeng Zhao (CZ), the founder of Binance, the world’s largest cryptocurrency exchange, in Cholpon-Ata. I’m grateful for the opportunity to discuss the development of blockchain technologies and digital assets in Kyrgyzstan. I’m confident that our… pic.twitter.com/Q7iuPN5S01 — Sadyr Zhaparov (@sadyrzhaparovkg) May 3, 2025 The agreement will underpin joint efforts in several areas. Binance said it will help simplify transactions for visitors and provide cross-border payment solutions across the region of Central Asia and the Eurasian Economic Union (EAEU) of which Kyrgyzstan is a member. “The goal is to facilitate faster, simpler, and more inclusive financial flows across borders,” the exchange stressed in a press release. The collaboration “highlights the importance of embracing digital transformation in today’s global economy,” the investment agency was quoted as stating. Binance and Bishkek to collaborate on crypto education The two sides are also planning to launch crypto educational initiatives utilizing the expertise of Binance Academy in the field. The platform will help authorities in Bishkek to design programs promoting digital finance literacy. The crypto exchange elaborated: “These initiatives will target not only government agencies and financial institutions but also Kyrgyz citizens at large. The goal is to support the country’s Web3 entrepreneurs and equip people with the skills needed to thrive in a fast-evolving financial landscape.” “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,” the head of Kyrgyzstan’s National Investment Agency, Farhat Iminov, added in a statement. Binance and Kyrgyzstan share a vision of improving financial inclusion and advancing freedom of money, according to Binance’s regional head for Central and Eastern Europe, Central Asia, and Africa, Kyrylo Khomiakov, who believes crypto tech creates new economic opportunities. The Binance executive emphasized: “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”. Binance’s latest move in Kyrgyzstan comes after earlier in April CZ signed a separate memorandum of understanding with the National Investment Agency to develop the country’s Web3 and blockchain ecosystem. The Kyrgyz republic has gradually embraced innovation that comes with cryptocurrencies and other digital assets. Last month it approved the launch of a prototype of its own central bank digital currency (CBDC), the digital som, by the end of this year. Similar developments have been seen elsewhere in the region of Central Asia. Also in April, the central bank of Kazakhstan proposed to establish a state-run crypto exchange and issue a stablecoin pegged to the national fiat, the tenge, to be used as a settlement instrument and a store of value. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Source: Cryptopolitan