President Sadyr Japarov highlighted the growing importance of cryptocurrency and blockchain technologies during the inaugural meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies, held under his leadership in Cholpon-Ata.
President Japarov noted that in Kyrgyzstan, interest in cryptocurrency continues to grow year after year.
"Blockchain technologies and digital assets, once understood only by specialists, are now becoming the foundation of a new financial system," he said.
The Council, according to the president, was established to ensure a unified state policy on virtual assets and blockchain technology. Its purpose is to apply these innovations to public administration and key sectors of the country’s economy.
Japarov also reminded attendees of the adoption of the law on virtual assets in 2022, which provided a legal framework for the issuance, storage, and circulation of virtual assets.
“This law has strengthened the trust of citizens and foreign partners, but our work must continue. We need further regulation, technical support, and educational initiatives,” he added.
The president emphasized that digitalization processes across various industries were accelerating, which opens up new opportunities but also calls for clear decisions from the state to manage this transition effectively.
One of the key focuses of the Council will be improving financial literacy and promoting educational programs on cryptocurrency and blockchain technologies. Additionally, it will address cybersecurity concerns, aiming to protect users from fraud and secure the implementation of blockchain in public administration.
President Japarov outlined how blockchain could enhance transparency, traceability, and efficiency in government processes, reducing bureaucracy. He also praised Binance for its global experience in building infrastructure for blockchain and cryptocurrency in over 100 countries.
The meeting marked the inclusion of Changpeng Zhao, the founder of Binance, and Kirill Khomyakov, Binance's regional head for Central and Eastern Europe, Central Asia, and Africa, as new members of the Council. Zhao expressed Binance’s commitment to sharing its expertise on blockchain technology and cryptocurrency, which he believes will become the currency of the future and part of the global reserve.
Khomyakov highlighted Binance’s ongoing collaboration with Kyrgyzstan to increase digital literacy and promote educational programs.
Adylbek Kasymaliev, Deputy Chairman of the Council and Head of the Cabinet of Ministers, emphasized Kyrgyzstan's dedication to innovative development through high technologies. He also discussed efforts to improve public administration efficiency, noting that blockchain’s implementation would enhance transparency.
Kamchybek Tashiev, Deputy Chairman of the Cabinet of Ministers and Chairman of the State Committee for National Security, added that the development of virtual assets impacts both the economy and national security, making cybersecurity a top priority.
Farkhat Iminov, Director of the National Investment Agency, presented plans for a digital som based on blockchain technology, a crypto reserve, and the potential release of a stablecoin. He also mentioned the collaboration with Binance and BNB chain to create a crypto reserve that follows international security and transparency standards.
The meeting concluded with the signing of a Memorandum of Understanding between the National Investment Agency and Binance, cementing their partnership on these digital initiatives.
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