Kyrgyzstan Signs Agreement with Binance to Introduce Crypto Payments

[sunsilk]

This is likely offchain transactions through Binance Pay. But to see a country partners and asks for help to Binance. It is a progress that we are expecting and we hope to see more countries adopt crypto in particular.

Through these means and ways of using crypto as payment, this will also open the mind of people that still doubt it is a real thing, has monetary value.

[Rruchi man]

Binance will push BNB over other cryptos, ...

CZ, who happens to now be the official advisor to Kyrgyzstan's National Investment Agency, did not just push for BNB to be made the foundational asset for the country's national crypto reserve; he also mentioned BTC.

While some people may view this as a win only for Binance, I say it's generally a win for the crypto community because there will be a lot of crypto education going on and exposure to individuals in the country who have never heard of crypto and, by extension, those in the Asian continent.

[armanda90]

Its very good news for bitcoin impact at the future after Kyrgyzstan sign agreement with Binance to introduce bitcoin as legal payment transaction in their country.

Regarding from media, Kyrgyzstan have 7.1 million population current data from 2023 and they have income per capita reach $1,263, its looks good financial condition for Kyrgyzstan citizen and introducing bitcoin as payment transaction make them will interested for investing or adopting bitcoin as payment currency way. Binance have much benefit for this regulation exactly almost of Kyrgyzstan citizen will use Binance for third party if want using cryptocurrency as payment transaction.
Its good way in the future have many countries supported bitcoin as legal payment transaction as usually any countries adopted bitcoin as commodity assets only such as in my country Indonesia.

[justinlamode]

Binance will push BNB over other cryptos, ...

CZ, who happens to now be the official advisor to Kyrgyzstan's National Investment Agency, did not just push for BNB to be made the foundational asset for the country's national crypto reserve; he also mentioned BTC.

While some people may view this as a win only for Binance, I say it's generally a win for the crypto community because there will be a lot of crypto education going on and exposure to individuals in the country who have never heard of crypto and, by extension, those in the Asian continent.

At first, it will be a win for Binance because they will benefit more from the fees and influx of new registrations. But eventually, many of the citizens will learn other things about cryptocurrency and the benefit of holding Bitcoin and will move from being ordinary users in Binance to actual holders of Bitcoin. This is when the real impact will be felt onchain. Those who would have been able to hold between two halving will see much profits which can further convince others to buy and hold.

[DeathAngel]

I’m not sure how big an impact this will have in isolation because I imagine the GDP of Kyrgyzstan is quite low & most people there are not wealthy. It is another building block in the wall of mainstream, worldwide adoption though so we gladly welcome it. It’s like dominoes, a few fall & then the whole stack comes tumbling down.

[kryptqnick]

Kyrgyzstan is a country with a population of about 7 million people, a weak economy, high level of corruption, and an authoritarian government. That being said, the youth is interested in digital Technologies. As the country's being friendly with Russia, it's not surprising it's following the lead.
I know Binance will allegedly help make things more transparent, but helping authoritarian regimes bypass Western sanctions and unite together against the US and the USD makes me somewhat sad. Independently choosing to be pro-Bitcoin and rely less on the USD? Sure, that's smart and totally fair. But just doing what Russia needs to get done, but Binance can't really talk with Russia directly because it's a big no-no these days: not cool.

[JeffBrad12]

This is likely offchain transactions through Binance Pay. But to see a country partners and asks for help to Binance. It is a progress that we are expecting and we hope to see more countries adopt crypto in particular.

Through these means and ways of using crypto as payment, this will also open the mind of people that still doubt it is a real thing, has monetary value.

Yeah it's offchain because it requires binance uid or email which I assume, works more or less the same as any other similar payment app like google pay or apple pay except instead of using credit card or debit card we use our crypto balance in the app.
Honestly, nothing revolutionary here. But any adoption is good I guess.

[shield132]

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 think that mostly EU, the US, Australia and similar countries try to ban Binance but other countries, especially poor countries, try to negotiate with Binance and cryptocurrency-related businesses. Kazakhstan is an ex-USSR country and they are one of the leading country in Bitcoin mining. It's also very popular in my country, which is also an ex-USSR country. We made a deal with Binance, BitFury, Tether and some other crypto companies to develop blockchain technologies and other crypto-related services or products. Ex-USSR countries are more innovative in the cryptocurrency field than modern Western countries.

[Taskford]

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 think that mostly EU, the US, Australia and similar countries try to ban Binance but other countries, especially poor countries, try to negotiate with Binance and cryptocurrency-related businesses. Kazakhstan is an ex-USSR country and they are one of the leading country in Bitcoin mining. It's also very popular in my country, which is also an ex-USSR country. We made a deal with Binance, BitFury, Tether and some other crypto companies to develop blockchain technologies and other crypto-related services or products. Ex-USSR countries are more innovative in the cryptocurrency field than modern Western countries.

Only few countries are banning them  And this is the list

We can really see that majority of them are first world countries and common reasoning they use is AML policy which is related to money laundering and other regulatory compliance matters.

If these countries would just adopt Bitcoin for sure they can take advantage to gain taxes from people who use it on their country.

There are lots of companies built in this industry and if those countries remain their stance to be a crypto hater for sure that they will missed a lot for this industry. Also its good for Kyrgyzstan for taking good step choosing the best partners because for sure they can learn a lot of things from these entities which is provably beneficial for their country in long run.

[shield132]

Only few countries are banning them  And this is the list

We can really see that majority of them are first world countries and common reasoning they use is AML policy which is related to money laundering and other regulatory compliance matters.

If these countries would just adopt Bitcoin for sure they can take advantage to gain taxes from people who use it on their country.

Maybe it's a good idea to ban them for money laundering because their CEO was in jail for it and paid fines worth billions of dollars. Btw a few months ago, in my country the government wanted to allow people from offshore to transfer money into our country without paying taxes. When the initiator got asked why was he supporting this idea because everyone knows offshore money is mostly illegal money and this act would officially be a legal money laundering, his answer was that these people will transfer money in other country if we don't help them, they'll launder it anyway so let them transfer it in our country to increase money inflow.

[Coyster]

I know Binance will allegedly help make things more transparent, but helping authoritarian regimes bypass Western sanctions and unite together against the US and the USD makes me somewhat sad.

I don't see how binance is doing that in this case, first off, i don't know how popular crypto is in Kyrgystan, but i predict it would not be so popular, so i don't know the number of people who will take advantage of this. I believe the goal of this is to increase crypto payments within the country, and not for international trade, so i don't see how they are bypassing sanctions with this.

That said, part of the package is also blockchain education and a support for Web3 startups, so i don't see why you are sad about this, the only downside is that the package is a centralized one, of course it is because it is offered by a centralized exchange.

[Fiatless]

I know Binance will allegedly help make things more transparent, but helping authoritarian regimes bypass Western sanctions and unite together against the US and the USD makes me somewhat sad.

I don't see how binance is doing that in this case, first off, i don't know how popular crypto is in Kyrgystan, but i predict it would not be so popular, so i don't know the number of people who will take advantage of this. I believe the goal of this is to increase crypto payments within the country, and not for international trade, so i don't see how they are bypassing sanctions with this.

That said, part of the package is also blockchain education and a support for Web3 startups, so i don't see why you are sad about this, the only downside is that the package is a centralized one, of course it is because it is offered by a centralized exchange.

Maybe he is not pleased that a country that supports Russia will use Bitcoin to bypass Western sanctions. I don't also think that Kyrgyzstan needs Binance to bypass SWIFT since they easily make payments to trade partners through a decentralized platform.

Maybe the country wants to promote Bitcoin use and Binance will help them to encourage centralization. The population of the country might be small. but we are glad that more people are been exposed to the crypto industry.

[el kaka22]

I don't see how binance is doing that in this case, first off, i don't know how popular crypto is in Kyrgystan, but i predict it would not be so popular, so i don't know the number of people who will take advantage of this. I believe the goal of this is to increase crypto payments within the country, and not for international trade, so i don't see how they are bypassing sanctions with this.

That said, part of the package is also blockchain education and a support for Web3 startups, so i don't see why you are sad about this, the only downside is that the package is a centralized one, of course it is because it is offered by a centralized exchange.

That won't happen, they can do "local" binance websites, but they can't ever do that on the global one. Because last time they tried to do it, the CEO/founder went to jail for 4 months and they had to pay 4 billion dollars fine. I guarantee you, Binance will always stay as western dog as it gets for as long as possible, there is no other way they can operate or they will be punished too hard.

You can't work with USA and still go against them at the same time. But they can do a new website, like a local one, and then they can keep that going, it would allow them to get a better result and shouldn't be a trouble. I know this is going to be ending up with some issues, but we can't really see this as a bad thing, we need to consider this as normal.