Kyrgyzstan has tapped cryptocurrency exchange Binance to roll out a crypto payments infrastructure and blockchain education programs as part of a new government partnership.

On May 4, Binance signed a memorandum of understanding (MoU) with the country’s National Agency for Investments during the first meeting of Kyrgyzstan’s Council for the Development of Digital Assets, attended by President Sadyr Japarov.

“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,”  Farhat Iminov, Head of National Agency for Investments of the Kyrgyz Republic, said in an accompanying statement.

As part of the MoU, Binance Pay will be introduced in the country to support crypto-based transactions for residents and visitors, and simplify cross-border payments across Central Asia and the Eurasian Economic Union.

According to Binance, this move could “revolutionize cross-border payment solutions” and open up new opportunities for financial inclusion in Kyrgyzstan.

Binance will also promote blockchain and crypto adoption via education initiatives supported by Binance Academy.

The exchange will collaborate with government agencies and financial institutions to launch blockchain-focused training programs.

Kyrylo Khomiakov, Binance’s regional head, described the MoU as a step toward “sustainable economic opportunities,” noting that the company will continue working closely with Kyrgyz officials to deliver “innovative solutions” and empower locals.

Just a month earlier, the government signed a separate MoU with Binance founder and former CEO Changpeng “CZ” Zhao. 

Under that agreement, CZ is advising the National Investment Agency on developing a crypto regulatory framework, improving digital infrastructure, and launching educational programs in areas like cybersecurity and crypto management.

According to President Sadyr Japarov, CZ’s input is seen as a key part of the country’s digital transformation strategy, with the ultimate goal of attracting foreign investment and creating new economic opportunities.

Since stepping down as CEO, CZ has taken on a more behind-the-scenes role, advising multiple governments such as Pakistan, Malaysia, the UAE, and Bhutan on crypto regulation and blockchain adoption.

Kyrgyzstan has been proactive when it comes to embracing digital finance, and this latest move builds on a series of recent efforts to position the country as a regional hub for crypto and blockchain innovation.

With abundant hydroelectric resources and untapped energy potential, Kyrgyzstan has already drawn attention as a crypto mining haven. 

It was also one of the first countries in Central Asia to begin developing crypto-specific regulations, with the central bank starting work on draft legislation as early as 2020.

Kyrgyzstan is also making progress on its own central bank digital currency.

On April 18, President Japarov signed a constitutional law giving legal tender status to the digital som and authorising a pilot phase. A nationwide rollout decision is expected by late 2026.

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