Kazakhstan’s Central Bank to Integrate BNB Chain for Its CBDC, Says Binance CEO

| Updated
by Kofi Ansah · 2 min read
Kazakhstan’s Central Bank to Integrate BNB Chain for Its CBDC, Says Binance CEO
Photo: National Bank of Kazakhstan / Facebook

CZ revealed that the crypto exchange also introduced the government to the BNB Chain community to discuss testing integrating their CBDC.

The National Bank of Kazakhstan (NKB) is looking to integrate the country’s Central Bank Digital Currency (CBDC) into the BNB Chain, according to Binance CEO Changpeng Zhao (CZ). NKB had recently launched a CBDC pilot in a controlled environment with real consumers and merchants and told reporters that the Digital Tenge would be launched by late 2022.

In the Twitter thread, CZ explained that the Kazakhstan government and the country’s central bank have been working on developing their own CBDC for a while now. CZ revealed that the crypto exchange also introduced the government to the BNB Chain community to discuss testing integrating their CBDC.

“Looking forward to NBK preparing CBDC use cases to see how they could be integrated into BNB Chain to bridge the gap between traditional banking and the crypto ecosystem,” he stated.

Binance has been building the groundwork to take over the Kazakhstan cryptocurrency industry for a while now. The exchange recently received a license to conduct business in the country. The crypto exchange and various departments in the country subsequently signed a series of Memorandums of Understanding (MoU) which were all aimed at developing the crypto landscape.

On May 25, the Kazakhstan Ministry of Digital Development, Innovations, and Aerospace Industry and Binance signed an MoU which tasked the crypto exchange with aiding in formulating and rolling out regulations governing Bitcoin and other crypto assets in the country. The signing of the MoU took place when the CEO of the crypto firm paid a visit to the country.

The crypto exchange and the country joined forces in another partnership on October 6, signing an MoU that seeks to ensure the safe development of the country’s crypto market.

According to the Memorandum of Understanding, Binance and Kazakhstan’s Financial Monitoring Agency agreed to inform each other about cases involving the use of digital assets for criminal activities.

Binance also committed to disclosing information that might be used to locate and seize cryptocurrency holdings obtained illegally, as well as those used to fund terrorism and launder unlawful gains.

At press time, BNB Chain was trading at $290.22, up by 1.36% in the last 24 hours and 6.78% in the last seven days. Binance has been in the news lately after a hacker orchestrated a $570 million hack on its BNB blockchain.

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Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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