Binance CEO: This Country's Pilot CBDC Program Will Be Implemented On BNB Chain

Zinger Key Points
  • The National Bank of Kazakhstan has decided to integrate its planned digital tenge with BNB Chain.
  • After the U.S. and China, Kazakhstan is the top destination for mining Bitcoin.

Binance CEO and co-founder Changpeng Zhao confirmed that the National Bank of the Republic of Kazakhstan (NBK) will integrate its central bank digital currency (CBDC), on the BNB Chain, the underlying blockchain of the Binance network.

Binance had received approval to operate in Kazakhstan two weeks back and since then, the company officials met with Berik Sholpankulov, the First Deputy of the Governor of the NKB, and the Head of Payment and Technological Center Binur Zhalenov.

"We introduced them to the #BNB Chain community to discuss testing integrating their CBDC (Digital Tenge) with @BNBCHAIN. If you're not aware, NKB recently launched a CBDC pilot in a controlled environment and with real consumers and merchants," Zhao tweeted on Thursday.

“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 added.

Binance Partners With Kazakhstan Regulator

Earlier this month, in an apparent bid, to provide local investors with the highest level of protection as they dipped their toes into the digital asset ecosystem, the largest cryptocurrency exchange in the world teamed up with the Financial Monitoring Agency of Kazakhstan.

Both sides will also closely monitor any cryptocurrency use by bad actors in illegal operations including money laundering and financing terrorism. Such tokens will be blocked if found.

The trading platform, according to Tigran Ghambaryan, VP of Global Intelligence and Investigations at Binance, has the most robust compliance program in the business and is equipped to handle the aforementioned duties.

“We express our gratitude to the Financial Monitoring Agency of the Republic of Kazakhstan for their cooperation and commitment to solving problems in the rapidly growing cryptocurrency industry,” he said.

Also read: Maybe Jeff Bezos Should Buy Ethereum: AWS Servers Host A Major Chunk Of The Crypto's Computing Power

Kazakhstan & Web3

Kazakhstan's pilot CBDC program is the country’s most recent attempt in the crypto space.

President Kassym-Jomart Tokayev stated on Sept. 28 that Kazakhstan is getting closer to allowing ways to convert cryptocurrency into cash as well as complete legal recognition.

He announced this after the country’s new crypto-mining tax legislation was enacted over the summer.

After China and the U.S., Kazakhstan is one of the top three locations in the world for mining Bitcoin BTC/USD, according to recent data on global crypto mining.

Next: Is Core Scientific Done? Bitcoin Miner Needs Cash, Warns Of Bankruptcy As Stock Plummets

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsBenzingabitcoin miningCBDCCentral Bank Digital CurrencyKazakhstan
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!