The National Bank of Kazakhstan (NKB) intends to connect its digital currency Digital Tenge with the BNB Chain, according to CEO of Binance "CZ" on Thursday. The team from Binance recently met with representatives from Kazakhstan's central bank to discuss the possibility of integrating the CBDC with the BNB Chain. Binance, a cryptocurrency exchange, advances the adoption and regulation of cryptocurrencies in Kazakhstan by working continuously with the government of that nation.
The National Bank of Kazakhstan (NKB) intends to connect its digital currency Digital Tenge with the BNB Chain, according to CEO of Binance "CZ" on Thursday. The team from Binance recently met with representatives from Kazakhstan's central bank to discuss the possibility of integrating the CBDC with the BNB Chain. Binance, a cryptocurrency exchange, advances the adoption and regulation of cryptocurrencies in Kazakhstan by working continuously with the government of that nation.
Binance expands its influence in Kazakhstan
Binance began collaborating with the Kazakhstani government and regulators to further crypto acceptance and regulation after being granted a provisional licence in May. The AIFC Financial Services Authority (AFSA) even granted the cryptocurrency exchange a perpetual licence on October 6.
The National Bank of Kazakhstan (NKB) will connect its CBDC, Digital Tenge, with the BNB Chain, according to a tweet from Binance CEO "CZ" on October 27. The central bank of Kazakhstan recently started a CBDC pilot in a regulated setting and ran tests with customers and business owners.
In order to explore the advantages of the BNB Chain, 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. Additionally, the strategies for fusing CBDC and the BNB Chain were highlighted.
To integrate with the BNB Chain, the National Bank of Kazakhstan (NKB) will develop CBDC use cases. It will aid in bridging the gap between the ecosystem of cryptocurrencies and conventional banking.
I'm looking forward to seeing how NBK develops CBDC use cases and integrates them into BNB Chain to close the gap between conventional banking and the crypto ecosystem.
The Quickly Changing Crypto Landscape in Kazakhstan
Kassym-Jomart Tokayev, the president of Kazakhstan, given his consent for the country to legalise cryptocurrency mining and trading. He even mentioned Binance's creation of a secure virtual asset market. Kazakhstan has also provided a draught law on cryptocurrency mining for effective regulation.
Additionally, Binance and the Financial Monitoring Agency of the Republic of Kazakhstan signed a memorandum of understanding (MOU) to identify and prohibit illicit cryptocurrency assets as well as cryptocurrency linked to money laundering and terrorism funding.
