The central bank of Kazakhstan intends to use Binance’s blockchain platform Bnb Chain for the deployment of its upcoming digital currency. Changpeng Zhao is the chief executive at the international crypto exchange that was licensed recently to operate in Kazakhstan.
Kazakhstan uses Binance Blockchain Infrastructure in its Central Bank Digital Currency Project
Kazakhstan’s monetary authority is going to integrate its central bank digital currency (CBDC) into the Bnb Chain developed by Binance, the founder and CEO of the world’s leading crypto trading platform, Changpeng Zhao (CZ), announced on Twitter.
Binance was recently granted license to provide a range of services for digital assets, including exchange and custody, while operating from the Astana International Financial Center (AIFC), the Central Asian nation’s financial hub.
National Bank of Kazakhstan will incorporate their CBDC. @BNBchain. #BNB https://t.co/33WMKwAczm
— CZ 🔶 Binance (@cz_binance) October 27, 2022
On Wednesday, Zhao revealed that after it received the regulatory approval, the company met with the First Deputy Governor of the National Bank of Kazakhstan (NKB) Berik Sholpankulov and Binur Zhalenov, head of the bank’s Payment and Financial Technologies Development Center.
The exchange representatives introduced central bank officers to the Bnb Chain community. They discussed the possibility of integrating the digital Kazakhstani Tenge with the Blockchain platform. CZ made the following comments in a series tweets:
If you’re not aware, NKB recently launched a CBDC pilot in a controlled environment and with real consumers and merchants.
Binance’s chief executive emphasized his team is looking forward to NKB preparing use cases for its digital currency which will allow it to be seen how they could be integrated into Bnb Chain. It is the ultimate goal to close the gap between crypto and traditional banking.
Kazakhstan, which became a hotspot for crypto mining in the aftermath of China’s crackdown on the industry last year, has been taking steps to regulate its crypto space, including the activities of coin trading platforms. Intebix, a licensed exchange and local bank recently completed a transaction that allowed the purchase of bitcoin using national fiat.
Binance has previously pledged support for the “safe development” the country’s digital asset market. The exchange and the government in Nur-Sultan recently agreed to share information on financial crimes involving cryptocurrencies under a Memorandum of Understanding signed with Kazakhstan’s Financial Monitoring Agency.
How do you feel about cooperation between Binance, Kazakhstan and the central bank’s digital currency project? Leave your comments below.
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