Kazakhstan To Develop Its CBDC On BNB Chain
In a declaration made on Twitter, the CEO of Binance noted that the platform will make a great contribution to the exclusive Web3 endeavor taken by Kazakhstan. Changpeng Zhao shared a tweet disclosing that the digital tenge – the central bank digital currency (CBDC) of the National Bank of Kazakhstan (NBK) – will have integration with the BNB Chain (known as the Binance network’s fundamental blockchain.
Kazakhstan Considers Utilizing BNB Chain for the Launch of Its CBDC Project
A pilot project for a central bank digital currency was initiated by the NBK, taking into account the contribution of the native customers and merchants. As per Zhao, the banking institution will advance the use cases and will fill the gap present between the crypto ecosystem as well as conventional banking. The advancement counts among several in the endeavor of the network to enhance crypto adoption, especially across the country.
Previously in August 2022, Binance was provided with an in-principle approval enabling it to provide services related to digital assets in Kazakhstan. Less than a month following this, on the 6th of October, Binance obtained a permanent license from the country’s Financial Services Authority to offer custody and digital assets-related services.
Around the respective period, Binance additionally carried out a memorandum of understanding (MoU) with the authorities of the locality to assist in confronting the financial exploitation. The Binance ecosystem, taking into account Zhao, has been frequently voicing its ambition to widen the adoption of cryptocurrency throughout the world.
It recently has been involved in crypto-related operations in Ukraine as it hosted a collection of non-fungible tokens (NFTs) of a native museum in addition to establishing a couple of new arms in Brazil (known as a prominent crypto hub in Latin America). The CBDC pilot project of Kazakhstan has a place among the recent operations of the country dealing with the crypto world.
Kazakh President Anticipates Offering Services for Crypto’s Conversion to Cash
On 28th September, Kassym-Jomart Tokayev (the President of Kazakhstan) disclosed that the country is moving nearer to authorizing the methods to transform crypto to cash, apart from their complete legal recognition.
The respective statement was witnessed following the launch of the latest tax regulations on crypto mining. The recent data regarding the worldwide mining of cryptocurrency brought to the front that the country is among the well-known 3 hubs for Bitcoin mining around the world, following the U.S. and China.