On 4 May, the first meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies was held in Cholpon-Ata, chaired by President Sadyr Zhaparov. According to him, cryptocurrencies and digital assets are already becoming the basis of the country's new financial system.

The council was created to form a unified state policy in the field of virtual assets and their implementation in management and key sectors. The president recalled that since 2022, Kyrgyzstan has had a law on virtual assets that provides a legal framework for the circulation of digital assets.

Zaparov stressed the need to continue work on regulation, support and education in this area. The Council's key tasks include improving financial literacy, combating cyber fraud, developing cybersecurity and introducing blockchain into public administration.

At the meeting, the Council was joined by new members, including Changpeng Zhao, founder of the largest cryptocurrency exchange Binance, and Kirill Khomyakov, regional director of Binance. According to Zhao, cryptocurrency is the currency of the future and an element of the global reserve. Khomyakov announced joint work with Kyrgyzstan on digital initiatives and educational programmes.

Prime Minister Adylbek Kasymaliyev noted that the introduction of blockchain will help improve the efficiency and transparency of public administration. Head of the State Committee for National Security Kamchybek Tashiev focused on the cyber risks associated with the development of the digital economy and called for coordinated action.

Future initiatives include the creation of a digital som, a crypto reserve and the development of a stablecoin. The National Investment Agency has already begun cooperation with Binance and BNB chain to study international experience and develop standards.

At the end of the meeting, the parties signed a Memorandum of Understanding between the National Investment Agency and Binance.