Kyrgyzstan signs a formal deal with the Binance platform to establish digital payment in the country. Binance’s founder Changpeng Zhao confirmed the deal during a meeting attended by President Sadyr Zhaparov.
Binance pay accepts users to pay with cryptocurrency at businesses that allow digital payments. Under the new agreement, the platform will be made accessible to merchants in Kyrgyzstan. The goal is to simplify domestic transactions and support international payments within the Eurasian Economic Union, which includes Kyrgyzstan, Kazakhstan, Russia, Armenia, and Belarus.
According to the National Investment Agency, the cooperation will help expand access to financial tools and bring additional transparency to cross-border transactions. Binance confirmed the collaboration would focus on developing crypto infrastructure, with support from both government and private sector partners.
source : The
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This is a huge boost for Binance if it comes to fruition, but they will obviously have made some sacrifices to secure this deal. The main issue for this company has always revolved around KYC documentation and what information they are willing to share with local financial regulators, it has been what caused them to leave markets like the UK because they did not want to company with local laws. I can only imagine that they seem this market fairly small and have no qualms with sharing customer data in this jurisdiction - authoritarian governments often demand it - or the regulator has waived that requirement. They will find it most useful to leverage access into the other markets like Russia.