binance CEO Zhao Changpeng said, announced The BNB chain contributes to the digital currency (CBDC) created by the National Bank of Kazakhstan. The Central Asian country has been working on his CBDC of its own since May 2021 and is currently competing with other countries also developing his CBDC.
The National Bank of Kazakhstan launched the Digital Tenge pilot project in 2021 to explore the pros and cons of potential adoption of digital currency. The central bank is expected to make a decision-making model for the introduction of the digital tenge in July this year and make a final choice by the end of the year.
integration with binanceThe BNB chain brings additional security and efficiency to Digital Tenge. The National Bank of Kazakhstan is currently conducting research and evaluating potential technology partners for CBDC projects.
Binance, one of the largest cryptocurrency exchanges, received Earlier this month, Kazakhstan obtained a license to operate in the country. The move is part of Kazakhstan’s efforts to develop its digital economy and attract foreign investment. Zhao claims the contract is part of a Law Enforcement Training Program (LETP) aimed at preventing cybercrime. Exchange currency, his BNB, is currently trading 0.1% lower at $289. In 7 days, the coin he increased by 6.4%.
As China’s central bank indicated late last year, a decision on whether to launch a CBDC is required by December 2022. CZ, also known as his Changpeng Zhao, claimed that the Binance team is working non-stop to increase the use of cryptocurrencies around the world. He met with his Binur, head of the Payment Technology Center, and Berik Sholpankulov, first vice-president of the National Bank of Kazakhstan (NKB). The meeting resulted in his BNB chain being incorporated into the digital tenge of his CBDC in Kazakhstan.
CBDC appears to be built on a multi-chain design, but details are currently unknown. CBDC is being tested on his Corda platform in his NKB on his R3 as of December 2021. The National Bank of Kazakhstan plans to explore various use cases for Central Bank Digital Currencies (CBDC) that can be integrated with Binance Chain. The move will help bring together the traditional banking and crypto ecosystems. In a tweet, Zhao said that Binance is looking forward to seeing how his NBK can prepare his CBDC use cases and integrate the BNB chain.
Kazakhstan: Crypto Adoption Increases
The Kazakh government has promoted new technologies such as: blockchain technology to improve the economy.In addition, President of Kazakhstan Kassim Jomart Tokayev approved Legalization of crypto trading and mining in the country. We also announced the development of a secure crypto asset market by Binance. Kazakhstan has also introduced a bill on cryptocurrency mining to effectively regulate cryptocurrency mining.
Binance has been making progress in Kazakhstan for some time now, and the crypto exchange report We will work with the government of Kazakhstan to boost the adoption of blockchain in the country. The Binance team is also helping Kazakhstan launch a digital Tenge cryptocurrency and integrate it with his BNB chain technology.
Integrating the BNB chain into Kazakhstan’s CBDC project could improve the security and efficiency of Digital Tenge. This move by Kazakhstan demonstrates Kazakhstan’s dedication to becoming a leader in the digital economy and adopting new technologies. Binance’s Kazakhstan initiative demonstrates its commitment to expanding the use of cryptocurrencies around the world.