Kyrgyzstan Signs Agreement with Binance to Introduce Crypto Payments

[cryptoaltFAIZAN]

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 latest crypto news from altcoinbeacon.

[NotATether]

I can't be the only one who was surprised that they didn't ban Binance first and then cryptocurrency payments second, LMAO   

Anyway, good for Kyrgyzstan. This agreement with Binance will certainly be of benefit to crypto users in that county. I wonder how the rest of the ex-USSR bloc will react to this though. They might treat this like El Salvador and either embrace them or be hostile to them.

[LGD2Business]

I didn't expect Kyrgyzstan to be such a pioneer in this regard. Obviously, Kyrgyzstan's steps forward while Türkiye's crypto-currency bans show the mentality difference.
I also didn't know that Changpeng Zhao was still actively working for Binance after he stepped down as President, but it seems that he continues to use his strong relationships. It's a good step forward for Kyrgyzstan, a country with a population of only 7 million. Meanwhile, we're left watching even the development of these small countries from a distance.

[kotajikikox]

I can't be the only one who was surprised that they didn't ban Binance first and then cryptocurrency payments second, LMAO   

As someone from a country that got binance banned, I am quite jealous lol. It seems that many countries are making progress but us. A lot of countries are starting to surprise us and reevaluate their stances on crypto. This is definitely a clear sign of how much Bitcoin is spreading over the world. This is obviously just the first progress over more. Hopefully my country gets their act soon

[Alphakilo]

The agreement signed by binance with Kyrgyzstan is how binance suppose to have done it with other countries. The many problems that binance us fell into with other countries is because those countries accused them of transacting these business without a formal license to do business in that country.

As for the people of Kyrgyzstan I believe that this helps them better. However they should not forget that they are crypto will never be safe in a centralized exchange. Not your keys not your coins.

[X-ray]

I have tried coinbase payment gateway and that's actually pretty convenient, haven't tried binance's yet but it's good that more and more people can pay with crypto.

If most of merchants already accepted crypto, I would've ditched apple pay in a heartbeat. But they just stuck with credit cards most of the time.

It's gonna be great if more and more country adopt crypto payment, it's long overdue and it's time for big company to accept it as well.

[SFR10]

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.

Last time I checked, Binance Pay required new users to register on their platform and complete KYC procedures to pay with their gateway, so that part isn't exciting when there are better alternatives out there, but I'm pleased to see Binance Academy is also part of the agreement to come up with educational courses.

[betswift]

Great news to come!

Even though the KYC would be needed, it's still a good development, in my opinion.

[Die_empty]

The goal is to simplify domestic transactions and support international payments within the Eurasian Economic Union, which includes Kyrgyzstan, Kazakhstan, Russia, Armenia, and Belarus.

This might be a move to bypass SWIFT since some of the nations listed here are under severe financial sanctions. Russia and Belarus have been heavily sanctioned since the invasion of Ukraine by Russia.

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.

Although this collaboration is moving the country towards centralization. Anyway, this is a good move by Kyrgyzstan because it is giving them an option that is different from fiat.

[mindrust]

I don’t know how popular crypto is in Kyrgyzstan but that’s good news regardless. Any crypto adoption is good.

Binance pay is actually a brilliant idea too when you think about it. Your Binance account acts like your bank account and you can purchase stuff via binance pay wherever it is accepted. I wish businesses were using the decentralized payment solutions like btc pay instead but hey, maybe after trying binance pay, they will learn about btcpay as well and wanna try that one later on.

Binance is a centralized crypto exchange which have many faults but they have done so much to increase the btc adoption and I am forever grateful for what they did.

[Agbe]

This is a good one for crypto currency as they are breaking new grounds and penetrating to places that once considered crypto currency as a scam this is just to tell you how valuable and indispensable that Bitcoin has become over the years, this move will open the doors of crypto currency especially Bitcoin to the Kyrgyzstan people as crypto currency will positively impact on the financial sector of the country as crypto currency like Bitcoin is one of the best performing digital assets in the world today

[WillyAp]

but I'm pleased to see Binance Academy is also part of the agreement to come up with educational courses.

Yes that is the best notice in the entire contract.
More education and bad players thus have lesser occasions.

[hyudien]

Good news. I am glad that Kyrgyzstan is taking a revolutionary step by building a crypto based digital payment system. Binance is a platform that I know already has a good reputation so this collaboration can certainly advance their financial system and encourage people there to adopt crypto, unfortunately I am quite jealous because Binance is banned in my country even though I can still access it for personal needs, hopefully Kyrgyzstan will be a good example for other countries that are still against crypto.

[AVE5]

They might treat this like El Salvador and either embrace them or be hostile to them.

It's possible to happen and of course would create it positive impact to the Cryptocurrencies.
It's really an exciting move by the Kyrgyzstan president in the case that it was like never being expected with the legal enforcement giving flexible operations for it residents to be able to interact with the cryptography embedment and of course the freewill of facilitating on crypto transactions.
We can as well expect more to come with the decision of the Kyrgyzstan government over crypto diversities for it utilization as it may be for the El Salvador.

[Die_empty]

Good news. I am glad that Kyrgyzstan is taking a revolutionary step by building a crypto based digital payment system. Binance is a platform that I know already has a good reputation so this collaboration can certainly advance their financial system and encourage people there to adopt crypto, unfortunately I am quite jealous because Binance is banned in my country even though I can still access it for personal needs, hopefully Kyrgyzstan will be a good example for other countries that are still against crypto.

Binance is also restricted in my country because the government is not crypto-friendly. They claim that it was cryptocurrencies that were making our currency lose value. But the news is that the currency is still losing value after the ban. Politicians will always seek excuses to cover up their maladministration, But it's great to see more countries taking advantage of the benefits that the crypto industry offers. Binance has proved to be stable all these years, so maybe the partnership with Kyrgyzstan will be fruitful.

[BIT-BENDER]

I can't be the only one who was surprised that they didn't ban Binance first and then cryptocurrency payments second, LMAO   

You would have thought so right? But I am no longer surprised because lots of countries are looking beyond their skepticism and sentiments against Crypto-currency and turning around to adopt it.
They did this because they must have seen it is beneficial for their country. In between have you noticed that not so powerful country economically are finding strength in crypto-currency? Although I am of the believe that they need Bitcoin more than Bitcoin needs them.

[WillyAp]

Younger politicians, more progressive thinking could be the solution to that riddle.
Only some people think that non 1st word countries are backwater, but in thinking that makes people open their eyes. 

[joniboini]

They claim that it was cryptocurrencies that were making our currency lose value. But the news is that the currency is still losing value after the ban. Politicians will always seek excuses to cover up their maladministration, But it's great to see more countries taking advantage of the benefits that the crypto industry offers.

Sounds like Nigeria. I read a few times how they blame and ban crypto because it negatively affects their economy, even though the main problems are inflation, lack of production, terrible infrastructure, and so on. I think the latest news suggests they're recovering for a bit, though it's unclear if the crypto ban is cited as a factor for that. CMIIW.

On the other hand, it's easier to adopt new things if your country is easy to manage due to geography, political factors, and so on. So yeah, hopefully more governments will welcome crypto and not restrict it and penalize everyone even if they're just looking for a bit of privacy.

[Fortify]

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 latest crypto news from altcoinbeacon.

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.

[Mastercon]

I can't be the only one who was surprised that they didn't ban Binance first and then cryptocurrency payments second, LMAO  

Anyway, good for Kyrgyzstan. This agreement with Binance will certainly be of benefit to crypto users in that county. I wonder how the rest of the ex-USSR bloc will react to this though. They might treat this like El Salvador and either embrace them or be hostile to them.

I second that Kyrgyzstan should be more educated about Binance originated from scam called BNB. Without BNB,  Binance would not have been created in the first place. Binance originated from ICO scam era of crypto.. The entire corporation emerged from scam. To this time that enterprise is running their scam in the Open market. BNB has almost zero asset backing till date. Scamming gullible investors by selling currency schemes should be truncated by that country's legislation. Kyrgyzstan has it's own currency Kyrgystani Som to protect its sovereign currency, Kyrgystan should not allow any foreign currency establishment that too BNB within its national territory otherwise it can devalue their currency in the times ahead. I hope they prefer trade relations over some foreign fake currency establishment.
It is a big mistake to take over their currency system. That country has a National Bank who is responsible for their currency circulation and i believe it holds enough gold or assets to back their currency. In these times, if a foreign currency that has no backing take over their national currency then it is highly likely that their government is lenient. Binance will push BNB over other cryptos, Imagine everyone using BNB which may eventually go down to zero and their entire retail keeping the fake currency in their cash boxes will bankrupt most of them. Binance might be fooling these people at this point of time it has been fooling others in crypto since ICO scam phase.