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Breaking: Kazakhstan To Integrate Its CBDC With Binance's BNB Chain

Blockchain

coingape.com 27 October 2022 08:15, UTC
  
Reading time: ~2 m

Binance’s CEO “CZ” on Thursday said the National Bank of Kazakhstan (NKB) plans to integrate its central bank digital currency Digital Tenge with the BNB Chain. Recently, Binance’s team met with Kazakhstan’s central bank officials to discuss prospects of integrating its CBDC with the BNB Chain. With its continued collaboration with Kazakhstan’s authorities, crypto exchange Binance pushes crypto adoption and regulation in the country.

Binance Further Strengthens Presence in Kazakhstan

After receiving a preliminary license in May, Binance started working with the Kazakhstan government and regulators to help push crypto adoption and regulation in the country. The crypto exchange even received a permanent license from the AIFC Financial Services Authority (AFSA) on October 6.

Binance CEO “CZ” in a tweet on October 27 announced the National Bank of Kazakhstan (NKB) will integrate its CBDC, Digital Tenge, with the BNB Chain. Kazakhstan’s central bank recently launched a CBDC pilot in a controlled environment and performed tests with consumers and merchants.

The move came after Binance met with Berik Sholpankulov, the First Deputy of the Governor of the National Bank of Kazakhstan (NKB), and Binur Zhalenov, the Head of Payment and Technological Center, to discuss the benefits of the BNB Chain. Also, the plans for integrating CBDC with the BNB Chain were discussed.

The National Bank of Kazakhstan (NKB) will prepare CBDC use cases to integrate with the BNB Chain. It will help bridge the gap between traditional banking and the crypto ecosystem.

“Looking forward to NBK preparing CBDC use cases to see how they could be integrated into BNB Chain to bridge the gap between traditional banking and the crypto ecosystem.”

Kazakhstan’s Rapidly Growing Crypto Landscape

Kazakhstan’s President Kassym-Jomart Tokayev gave the approval to legalize crypto trading and mining in the country. He even announced the development of a safe virtual asset market by Binance. Kazakhstan also presented a draft law on crypto mining to efficiently regulate crypto mining.

Moreover, Binance signed an MOU with the Financial Monitoring Agency of the Republic of Kazakhstan to identify and block illegal crypto assets, as well as crypto related to money laundering and terrorism financing.


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