Changpeng Zhao, the CEO of Binance, said that the National Bank of the Republic of Kazakhstan will add its central bank digital currency (CBDC) to BNB Chain.
The company has been doing more business in the Central Asian country recently. Local regulator AIFC Financial Services Authority (AFSA) gave it permission to run a platform for digital assets and offer custodial services to people in Kazakhstan.
The NBK Picked BNB Chain
Zhao said that the Binance team has recently talked with the First Deputy of the Governor, Berik Sholpankulov, and the Head of the Payment and Technological Center, Binur Zhalenov, from Kazakhstan’s central bank.
During their meetings, the exchange offered the institution to add its upcoming CBDC to BNB Chain. CZ reminded the NBK that a pilot version of its digital tenge has already been used by real consumers and merchants in a “controlled environment.” In a recent tweet, he said that the bank was working with Binance on this product.
Some people on Twitter called the partnership a bullish move that could be good for the whole crypto industry. Still, a small number of people thought that Binance shouldn’t get involved with CBDCs because they don’t have the same benefits as cryptocurrencies.
Binance Shook Hands With the Regulator of Kazakhstan
This month, the biggest crypto platform in the world teamed up with the Financial Monitoring Agency of the Republic of Kazakhstan to give local investors the most security possible when they enter the digital asset ecosystem.
Also, the two groups will keep a close eye on whether or not criminals use cryptocurrencies to do things like launder money or pay for terrorism. If these tokens are found, they will be blocked.
Binance’s VP of Global Intelligence and Investigations, Tigran Ghambaryan, stressed that the trading platform has “the most robust compliance program in the industry” and is able to do the things listed above.
“We express our gratitude to the Financial Monitoring Agency of the Republic of Kazakhstan for their cooperation and commitment to solving problems in the rapidly growing cryptocurrency industry,” he concluded.
