The Government of Kyrgyzstan is implementing blockchain in public administration and finance

Interest in cryptocurrencies and blockchain technologies in Kyrgyzstan is growing rapidly, with virtual assets becoming the foundation of a new financial system. The first meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies took place in Cholpon-Ata, where issues of regulation, digitalization, and cybersecurity were discussed.

The Council was established to implement a unified state policy in the field of blockchain technologies, as well as their integration into key sectors of the economy.

New members were included in the Council at the meeting — Changpeng Zhao, founder of the largest cryptocurrency exchange Binance, and Kirill Khomyakov, Regional Head of Binance for Central and Eastern Europe, Central Asia, and Africa. Binance possesses unique experience in developing blockchain infrastructure in more than 100 countries and is ready to cooperate with Kyrgyzstan.

Speaking at the meeting, Changpeng Zhao confirmed his readiness to share best practices for implementing blockchain and developing cryptocurrencies, which will become the currency of the future and part of the global financial reserve. Binance is already working with Kyrgyzstan on launching digital initiatives, including improving the digital literacy of the population and developing educational programs in the field of blockchain.

During the meeting, the Cabinet of Ministers outlined the priority areas of the Council's work, including the implementation of blockchain technologies in the system of public administration, combating cyber fraud, and increasing the financial literacy of the population. Implementing innovations in country management will help increase transparency and reduce the level of bureaucratization of processes.

Chairman of the State Committee of National Security Kamchybek Tashiev emphasized that the development of virtual assets is not only an economic issue but also a matter of strategic security. In this regard, special attention will be paid to cybersecurity and protecting users from digital threats.

In the future, it is planned to create a digital som based on blockchain, as well as issue a stable cryptocurrency. For this, Kyrgyzstan is studying international experience and negotiating with Binance and BNB Chain about creating a crypto reserve, developing its structure, assessing risks, and implementing international standards of security and transparency.

A Memorandum of Understanding between the National Agency for Investments under the President of the Kyrgyz Republic and Binance was also signed at the meeting, cementing further cooperation. As a result of the meeting, decisions were made on the further development of the blockchain industry in Kyrgyzstan.

Source: president.kg