Located in Central Asia, the Kyrgyz Republic has signed a strategic cooperation memorandum (MoU) with Binance founder Zhao Changpeng (CZ), officially appointing CZ as the national blockchain policy and Web3 strategic advisor. In addition to cultivating talent, introducing technology, and improving regulations, Kyrgyzstan aims to become a digital innovation center in Central Asia.
CZ becomes Kyrgyzstan’s national blockchain advisor, promoting a comprehensive approach from policy to talent development
According to a tweet from Kyrgyz President Sadyr Zhaparov, the National Investment Agency signed the MoU with CZ in early April, simultaneously appointing CZ as the national blockchain strategic advisor. The collaboration includes:
– Assisting in formulating policies and regulations for blockchain and crypto assets
– Providing technical support for blockchain infrastructure
– Talent cultivation and educational training.
– Promoting DeFi and Web3 innovation.
Previously launched the Gold Dollar USDKG to combat inflation and assist in cross-border payments
The Kyrgyz government previously launched a stablecoin named “Gold Dollar” (USDKG), supported by gold reserves held by the government, with an initial reserve value of $500 million, planned to increase to $2 billion over the next two years.
The issuance mechanism of USDKG follows the principle of “issuing only as reserves increase,” and features a publicly transparent reserve proof system to prevent inflation and enhance user trust. Additionally, USDKG can also be used for low-cost cross-border payments.
Promoting the “Value Chain Agricultural Finance” program to enhance local agricultural quality and yield
Kyrgyzstan has also launched the “Value Chain Agricultural Finance” program to improve the quality and yield of local agricultural products. The program covers:
– Fruits
– Grains
– Vegetables
– Sugar
– Potatoes
And other major agricultural products, providing technical assistance, training, and financial support to promote the development of agricultural producers and processors.
Potential to become a venture capital hotspot in Central Asia, forming a Web3 cooperation circle with neighboring countries
1. Becoming a hotspot for blockchain venture capital: National-level support and CZ’s advisory role are expected to attract new entrepreneurs and investors from Asia and Europe.
2. Forming a “blockchain cooperation circle” with neighboring Central Asian countries: This could facilitate connections with Kazakhstan, Uzbekistan, and others.
3. A testing ground for policies and regulations: Kyrgyzstan could become a preferred location for crypto operators to test new sandbox models.
4. A focal point for international regulatory agencies: The transparency of blockchain policies may also attract the attention of organizations like FATF and IMF concerning financial stability and anti-money laundering measures.
Risk Warning
Cryptocurrency investments carry high risks and their prices can be highly volatile; you may lose all your principal. Please assess the risks carefully.