Kazakhstani officials continue to have a relationship with Binance since the National Bank intends to incorporate its CBDC on the BNB Chain.
Kazakhstan to establish its national digital currency network on BNB Chain. The network will play a significant role in Kazakhstan’s most recent Web3 initiative, said Changpeng Zhao, the founder and CEO of Binance, in a statement posted on Twitter.
The National Bank of Kazakhstan (NBK) will incorporate its central bank digital currency (CBDC), the digital tenge, on the BNB Chain, the underlying blockchain of the Binance network, according to a tweet from the founder of Binance .Local retailers and customers took part in a CBDC pilot program that was started by the NBK.
Zhao expressed excitement for the bank’s continued work on use cases that will “bridge the gap between traditional banking and the crypto ecosystem”. This is only one of several changes that the network is doing to encourage the adoption of cryptocurrencies, especially in Kazakhstan.
Binance received in-principle authorisation in August of this year to function as a provider of digital asset services in Kazakhstan. On October 6, less than a month later, the Kazakh Financial Services Authority granted Binance a perpetual license to offer custody services and digital asset services. In an effort to aid in the battle against financial crime, Binance also signed a memorandum of understanding with regional authorities around this time.
The Binance ecosystem, including its creator, has been outspoken about its goal to promote global cryptocurrency adoption. Recent actions include hosting an NFT collection from a local museum threatened by the turmoil in Ukraine and creating two new offices in Brazil, one of Latin America’s main crypto hubs.
Among its most recent initiatives in the cryptocurrency sector is Kazakhstan’s CBDC pilot program.On September 28, Kazakhstan’s President Kassym-Jomart Tokayev declared that the country is getting closer to legislating ways to convert cryptocurrencies into cash and to giving them full legal recognition.
This declaration was made after the nation’s new tax laws on cryptocurrency mining were introduced during the summer. Recent data on global crypto mining revealed that Kazakhstan is among the world’s top three destinations for Bitcoin ( BTC $20,642) mining, after the United States and China.
