Home » Kazakh National Bank to Integrate Its Digital Currency with BNB Blockchain, Says Binance CEO

Kazakh National Bank to Integrate Its Digital Currency with BNB Blockchain, Says Binance CEO

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ASTANA – The National Bank of Kazakhstan plans to integrate its digital currency into Binance’s BNB blockchain, Binance CEO Changpeng Zhao announced on his Twitter account on Oct. 26.

Photo by Karolina Grabowska

“Our team met with Berik Shorpankulov, First Deputy Governor of the National Bank of Kazakhstan, and Binur Jalenov, Head of Payments and Technology Center. introduced and discussed testing to integrate their Digital Tenge into the BNB chain.” murmured Zhao.

Earlier this month, the Astana International Financial Center (AIFC) granted Binance a perpetual license to manage digital asset platforms and provide custody services in Kazakhstan, making it the country’s official financial regulator.

National Bank launched explore The 2021 cryptocurrency market has launched a pilot project to assess the risks and benefits of digital markets.

“In case you didn’t know, the National Bank of Kazakhstan recently started piloting a digital currency with real consumers and merchants in a controlled environment,” Zhao said in a tweet. “We look forward to seeing how NBK prepares digital currency use cases to integrate into the BNB chain to bridge the gap between traditional banks and the crypto ecosystem.”

Kazakhstan has long been an attractive destination for cryptocurrency miners due to its low energy prices. Realizing the potential of the market and the abuse of energy consumption by miners, the government of Kazakhstan started formulating and implementing regulations.

“This collaboration is mutually beneficial as it strengthens our value proposition for mature, crypto-savvy consumers, and increases trust in the regulated cryptocurrency ecosystem to drive adoption of the digital tenge.” seems to be,” Zhalenov wrote in a social media post.

Majlis, the lower house of Kazakhstan’s parliament, approved a bill on digital assets on October 12, setting out registration procedures, procedures regulating circulation, including the issuance and exchange of unsecured digital assets, and a list of taxes.

“Miners are starting to fully participate in Kazakhstan’s economy. Before that, mining activities were mainly conducted in cloud services by non-residents. The bill would require miners to establish a legal entity and obtain a license in Kazakhstan to be subject to full-scale taxation,” Mazhilis Deputy Ekaterina said when presenting the bill. Smyshlyayeva said.

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