- Binance former founder Changpeng Zhao (CZ) has signed a memorandum of understanding (MoU) with the National Investment Agency.
- This is considered as a a major move towards promoting blockchain and cryptocurrency adoption in the region.
- This move aims to jointly promote the development of Kyrgyzstan’s cryptocurrency and blockchain technology ecosystem.
Why MoU Signed By CZ?
As per the official release of Binance, the collaboration is intended to promote the growth of Kyrgyzstan’s cryptocurrency and blockchain technology ecosystem together. The MoU includes plans for infrastructure and technical support, professional consulting services, and the implementation of educational programs on blockchain and digital assets.
Changpeng Zhao Commented as “I have been providing advice to several countries, both formally and informally, to help develop regulatory frameworks for cryptocurrencies, and to promote the use of blockchain to improve government efficiency and expand blockchain to more areas beyond transactions. I think this work is very meaningful.”
CZ For Web 3 Direction Appoints Kyrgyzstan
As per a post by Kyrgyzstan President Sadyr Zhaparov on X, the Central Asian nation has signed an agreement with CZ. The National Investment Agency and the founder of Binance signed a Memorandum of Understanding (MoU) to build the domestic Web 3 ecosystem.
Signed at the president’s request, parties will undertake to develop a prosperous cryptocurrency ecosystem for locals. In pursuit of this, the National Investment Agency will draw on Zhao’s experience as the founder of Binance assumes an advisory position.
“The signing of the Memorandum creates new prospects for the development of digital technologies and the blockchain environment in the country,” said President Zhaparov.
In addition, CZ indicates that the MoU will be applied to distributed ledger technology (DLT) and real-world adoption of blockchain beyond speculation. Nevertheless, although not directly stated, analysts speculate that the creator of the leading cryptocurrency exchange will venture into cross-border use cases and other monetary utility of cryptocurrencies.
Training residents on blockchain, cybersecurity, virtual asset management, and other cutting-edge technologies is on the cards. The economic implication of the Web 3 program is wide-reaching and will add a sizeable chunk to Kyrgyzstan’s GDP by the year 2030.
Changpeng Zhao Is Glad
CZ is set to show his commitment to advisory work, as proof that Kyrgyzstan is the newest among a series of MoUs. Binance’s founder has also previously offered advisory work in both official and unofficial roles on cryptocurrency regulatory schemes.
“I find this work extremely meaningful,” CZ stated.
In the face of mutual tariffs impacting crypto prices, CZ revealed that his advisory work for nations does not involve geopolitics.
Aside from his advisory function, Zhao has also contributed part of his fortune to disaster relief efforts in the affected areas. The most recent is a significant contribution of more than $1 million to earthquake relief in Myanmar and Thailand. Aside from philanthropic contributions, the Binance founder has also played down the effect of exchange listing on token prices.
Also Read : Did Trump Tariffs Crash the Crypto Market? Investors Lose $500M?
