Memorandum of Understanding between Binance and Busan

Changpeng Zhao CEO of Binance, said it has signed a Memorandum of Understanding (MOU) with the South Korean city of Busan.

Binance signs a Memorandum of Understanding with the city of Busan

Binance is increasingly expanding its position and strength within the cryptographic ecosystem, to the point where it is promoting agreements to help even national organizations or territorial entities to develop in this world thanks to its know-how. 

Among others, the latest is the city of Busan, South Korea. This community through its mayor has signed an MOU (Memorandum of Understanding) with the company. 

South Korea by the way, along with Singapore and a pool of other countries including South Africa, Brazil, Australia, and America were recently singled out by an Economist report as possible candidates for the adoption of Bitcoin as a legal tender alongside existing fiat currencies or CBDCs on the ground, following the example of El Salvador.

Not only that, the exchange has partnered with the government of the Philippines to implement regulations governing the cryptocurrency world, and two months ago, in May, signed a memorandum of understanding with the Ministry of Digital Development (MSD) of the Republic of Kazakhstan.

Binance in this agreement would provide its technology and infrastructure know-how to the city (as it has done in opening its Strategic Hubs in other parts of the world) for the development of its own blockchain and would be responsible for promoting the Busan Digital Asset Exchange.

Heong-Joon Park, mayor of the city in question, said the following:

“With this agreement, we are one step closer to creating the Busan Digital Asset Exchange as an integrated global platform for digital assets. By making Busan a blockchain specialist city that is attracting worldwide attention, we will strengthen a new growth engine for the local economy and make it a global digital financial hub.”

Binance confirms its dominance in the cryptocurrency world

Binance would also offer blockchain and cryptocurrency world education so that people would be more aware, and a unique synergy would be created between the city and society that would make Busan a strategic Hub for this world. 

Binance, in short, continues to spread the word of cryptocurrencies around the world, not only out of a philanthropic vocation but for the development of an ecosystem that is functional to its core business according to which, the more this world succeeds in permeating human society, the broader the pool of users it can draw from and consequently the resources it expresses.