Home » Kazakhstan to build central bank digital currency on BNB Chain

Kazakhstan to build central bank digital currency on BNB Chain

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In an announcement on Twitter, Binance founder and CEO Changpeng Zhao said the network will be a key component of Kazakhstan’s latest Web3 effort.

The Binance founder tweeted that the National Bank of Kazakhstan (NBK) will carry out the integration. Central Bank Digital Currency (CBDC)Digital Tenge on the BNB chain, the underlying blockchain of the Binance network.

NBK has launched a CBDC pilot involving participation of local merchants and consumers. Zhao said he looks forward to developing more use cases for banks to “bridge the gap between traditional banks and the crypto ecosystem.”

This development is one of many efforts by the network to drive adoption of cryptography, especially in Kazakhstan. Back in August of this year, Binance approved in principle Act as a digital asset service provider in Kazakhstan.

Less than a month later, on October 6, the Kazakhstan Financial Services Authority Perpetual license granted to Binance To provide digital asset services and provide custody services. At this time it was Binance also signed the memorandum We work with local governments to help fight financial crime.

The Binance ecosystem, including the founders, has spoken out about its mission Driving crypto adoption around the world. More recently, he has been engaged in crypto-related activities in Ukraine. Hosting NFT collections of a local museum endangered due to conflict Opened two new offices Brazil is one of the leading crypto hubs in Latin America.

Related: SWIFT says it has reached a ‘breakthrough’ in recent CBDC experiments

Kazakhstan’s CBDC pilot program is one of the country’s recent activities in the crypto space.

On September 28, President Qasim Jomart Tokayev announced that Kazakhstan will: convert cryptocurrency to cash, with full legal approval.This statement came after the country was introduced New Crypto Mining Tax Regulations during the summer.

Recently Data on global crypto mining Kazakhstan Revealed as One of the Top 3 Global Bitcoin Destinations (Bitcoin) mining, second only to the United States and China.