The National Bank of Kazakhstan intends to integrate its CBDC on the BNB Chain, so officials there continue to have a tight contact with Binance.
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 participated 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 “cross the gap between regular 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. Around this time, Binance also penned an agreement with regional authorities in an effort to assist. Around this time, Binance and local authorities also agreed to a memorandum of understanding in an effort to combat financial crime.
The Binance ecosystem, including its creator, has made a point of promoting the global adoption of cryptocurrencies. Along with launching two new offices in Brazil, one of Latin America’s key crypto centers, it recently engaged in crypto-related operations in Ukraine by hosting an NFT collection of a local museum at risk owing to the conflict.
One of Kazakhstan’s most recent initiatives in the crypto realm is the CBDC pilot program.
President Kassym-Jomart Tokayev stated on September 28 that Kazakhstan is getting closer to allowing ways to convert cryptocurrency into cash as well as complete legal recognition.
After the nation’s new crypto mining tax legislation were enacted over the summer, this declaration was made.
After China and the United States, Kazakhstan is one of the top three countries in the world for mining Bitcoin (BTC tickers down $20,526), according to recent data on global crypto mining.