Binance has signed a memorandum of understanding (MOU) with Kyrgyzstan’s National Agency for Investments to introduce crypto payment infrastructure and blockchain education in the country.

The MoU was formalized during the inaugural meeting of the Council for the Development of Digital Assets, attended by Kyrgyz President Sadyr Japarov, the exchange said in a May 4 press release.

As part of the agreement, Binance will introduce Binance Pay to Kyrgyzstan, enabling crypto-based transactions for visitors and residents.

The partnership also focuses on educational collaboration. Binance Academy will work with Kyrgyz government agencies and financial institutions to develop blockchain-focused learning programs.

“Binance is excited to partner with the National Agency for Investments of the Kyrgyz Republic to drive forward the development of crypto-assets in the region,” Kyrylo Khomiakov, Binance’s regional head for Central and Eastern Europe, said.

On April 4, former Binance CEO Changpeng “CZ” Zhao said he would begin advising Kyrgyzstan on blockchain and crypto-related regulation after signing an MOU with the country’s foreign investment agency.

Source: CZ

Related: Ex-Binance CEO chides Europe over crypto adoption

Kyrgyzstan president signs CBDC law

Despite its growing interest in crypto and digital assets, Kyrgyzstan has also revealed intentions to launch a central bank digital currency (CBDC).

On April 18, President Japarov signed a constitutional law authorizing the launch of a CBDC pilot project while also giving the “digital som” legal tender status.

Notably, Kyrgyzstan has a track record in cryptocurrency mining. The country’s abundant hydroelectric resources have made it an attractive location for crypto miners seeking low-cost energy.

Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been tapped, according to a report by the International Energy Agency.

Related: CBDCs ‘costly fiat copy’, not fintech success so far: Ex-Binance exec

Binance expands collaborations with governments

Binance’s new partnership with the Kyrgyz government comes as the exchange has recently expanded its collaborations with governments worldwide, aiming to strengthen its global presence and influence in the cryptocurrency sector.

In an April 17 interview, CEO Richard Teng said the exchange has been advising multiple governments on establishing strategic Bitcoin reserves and formulating crypto asset regulations.

“We have actually received quite a number of approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves,” Teng said.

On April 7, former CZ was appointed as an adviser to Pakistan’s Crypto Council, a newly formed regulatory body tasked with overseeing the country’s embrace of blockchain technology and digital assets. 

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

A group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.

The move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.

Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned they would not support a procedural vote to advance the legislation unless changes are made.

Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim — all of whom had previously backed the bill when it passed through the Senate Banking Committee in March.

The bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

Related: Fed’s Powell reasserts support for stablecoin legislation

Senate prepares to vote on stablecoin bill

The Senate is expected to begin floor consideration of the bill in the coming days, with the first vote potentially taking place next week.

The bill has been championed by the crypto industry as a landmark step toward regulatory clarity. However, the Democrats’ about-face reflects growing unease within the party.

Although revisions were made to the bill after its committee approval to address Democratic concerns, the lawmakers said the changes fell short. They called for stronger safeguards related to Anti-Money Laundering, national security, foreign issuers, and accountability measures for noncompliant actors.

The statement was also signed by Senators Raphael Warnock, Catherine Cortez Masto, Ben Ray Luján, John Hickenlooper and Adam Schiff.

A copy of the statement. Source: Alex Thorn

Senator Kirsten Gillibrand and Senator Angela Alsobrooks were absent from the list, who co-sponsored the bill alongside Hagerty.

Despite their objections, the Democratic senators emphasized their commitment to shaping responsible crypto regulation. They reportedly said they “are eager to continue working with our colleagues to address these issues.”

Related: US banks are ‘free to begin supporting Bitcoin’

Crypto needs a stablecoin bill

On April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.

Long explained that while the Fed recently rescinded four prior crypto guidelines, a Jan. 27, 2023, statement was left intact in coordination with the Biden administration.

The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.

However, Long noted that once a federal stablecoin bill becomes law, it could override the Fed’s stance. “Congress should hurry up,” she urged.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Bitcoiners and United States government officials have criticized Arizona Governor Katie Hobbs’s decision to veto a bill that would have allowed the state to hold Bitcoin as part of its official reserves.

“This will age poorly,” Casa co-founder and cypherpunk Jameson Lopp said in a May 3 X post. Bitcoin (BTC) entrepreneur Anthony Pompliano said, “Imagine the ignorance of a politician to believe they can make investment decisions.”

Call for government officials who understand Bitcoin is “the future”

“If she can’t outperform Bitcoin, she must buy it,” Pompliano said. Crypto lawyer Andrew Gordon said, “We need more elected officials who understand that Bitcoin and crypto are the future.”

Source: Julian Fahrer

Wendy Rogers, who co-sponsored the bill with State Representative Jeff Weninger, also voiced her disappointment.

“Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin,” Rogers said.

On May 2, Hobbs vetoed the Arizona Strategic Bitcoin Reserve Act, which would have permitted Arizona to invest seized funds into Bitcoin and create a reserve managed by state officials. “Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,” Hobbs said.

Source: Dr. Danish

Rogers said she would refile the bill during her next session. Rogers also pointed out that Arizona’s state retirement system already holds stocks of Michael Saylor’s Strategy (MSTR).

“Which is basically a leveraged Bitcoin ETF. Arizona’s Strategic Bitcoin Reserve bill will be back. HODL,” Rogers said. The stock price of Strategy rose 32% in April, the most significant monthly gain since November 2024.

Related: US gov’t actions give clue about upcoming crypto regulation

However, well-known crypto skeptic Peter Schiff sided with Hobbs. “The government should not be making decisions to use public funds to speculate in cryptocurrencies,” Schiff said.

Arizona would have become the first US state to establish a Bitcoin Strategic Reserve if it had passed.

Arizona joins several other US states where similar efforts have failed. Similar proposals in Oklahoma, Montana, South Dakota and Wyoming have stalled or been withdrawn recently.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3