The National Investment Agency under the President of Kyrgyzstan has entered into a Memorandum of Understanding with Changpeng Zhao.
Zhao, the creator of Binance, signed the memorandum to promote the growth of the nation’s cryptocurrency and blockchain environment.
This agreement outlines a commitment from both parties to work together on developing infrastructure, offering technical knowledge, and providing consultancy services focused on blockchain and virtual assets.
Additionally, the initiative encompasses educational programs specifically designed to cultivate professionals in blockchain technology, virtual asset management, and cybersecurity.
Zhao, who has advised various governments on regulatory matters regarding cryptocurrencies and blockchain implementation, emphasized the significance of such initiatives for enhancing governmental effectiveness and innovation.
“I provide both official and informal advice to several governments regarding their crypto regulation frameworks and blockchain solutions to boost efficiency, extending blockchain usage beyond mere trading. I find this work profoundly meaningful,” Zhao tweeted regarding the announcement.
Kyrgyzstan’s digital som
This partnership is consistent with Kyrgyzstan’s goal to enhance its digital economy and utilize blockchain technology for purposes beyond trading.
The Parliament of Kyrgyzstan has approved a draft law that establishes the legal framework for the digital som, the nation’s upcoming central bank digital currency. The National Bank of Kyrgyzstan plans to begin prototype testing in early 2025, with a decision on full implementation anticipated by late 2026.