Binance

Kazakhstan to integrate its CBDC with BNB Chain

Published

1 year ago

October 27, 2022

Changpeng Zhao, CEO of Binance, recently revealed that Kazakhstan, an Asian country, will integrate its CBDC into the BNB Chain. Before the announcement, Binance acquired a license to operate in Kazakhstan and said it had been relentlessly pushing crypto adoption globally. Interestingly, Kazakhstan is part of the country responding positively to the move.

Binance said it has met with the First Deputy of the Governor of the National Bank of Kazakhstan (NKB), Berik Sholpankulov, and Binur Zhalenov, the Head of Payment and Technological Center, Binur Zhalenov, in line with its vision. “We introduced them to the #BNB Chain community to discuss testing integrating their CBDC (Digital Tenge),” Binance said.

The Kazakhstan government and its central bank have been working on launching a CBDC and earlier noted that it would roll it out by 2022. National Bank of Kazakhstan (NKB) launched a CBDC pilot in a controlled environment with real consumers and merchants. They looks forward to preparing CBDC use cases to see how they could be integrated into BNB  Chain, CZ said. He added that the integration aims to bridge the gap between traditional banking and the crypto ecosystem.

Binance, in July 2022, held a University meetup in Kazakhstan at Astana IT University discussing BAS, MVB V, Revelation Summit, and Hackathons with the students.

In a Memorandum of Understanding [MoU] signed by Binance with the Agency of the Republic of Kazakhstan for Financial Monitoring, the firm intends to back the country in spotting and filtering out illegal activities in cryptocurrencies.