Kazakhstan’s central bank intends to use Binance’s blockchain platform BNB Chain for its upcoming digital currency deployment. The decision was made public on social media by Changpeng Zhao, the chief executive of the global crypto exchange, which was recently licensed to operate in the country.
Kazakhstan Will Employ Binance Blockchain Infrastructure For Its Central Bank Digital Currency Project
The Monetary Authority of Kazakhstan is going to integrate its central bank digital currency (CBDCThe founder and CEO of the world’s leading crypto trading platform, Changpeng Zhao (CZ), announced on Twitter at BNB Chain developed by Binance.
Binance was recently granted a license to provide a range of services for digital assets, including exchange and custody, while operating from the Astana International Financial Center.AIFC), the financial center of the Central Asian nation.
— CZ Binance (@cz_binance) 27 October 2022
On Wednesday, Zhao revealed that after receiving regulatory approval, the company met with the first deputy governor of the National Bank of Kazakhstan (NKB) Berik Sholpankulov and Binur Zlenov, the head of the bank’s payments and fintech development center.
Exchange representatives introduced central bank officials to the BNB Chain community and discussed testing the integration of Digital Kazakhstan with the blockchain platform with them. In a series of tweets, CZ also commented:
In case you are not aware, NKB recently launched a CBDC pilot in a controlled environment and with real consumers and merchants.
The Binance chief executive stressed that his team is looking forward to seeing NKB create use cases for its digital currency, which will see how they can be integrated into the BNB chain. The ultimate goal will be to bridge the gap between traditional banking and the crypto ecosystem.
Kazakhstan, which last year became a hotspot for crypto mining following China’s crackdown on the industry, is taking steps to regulate its crypto space, including the activities of coin trading platforms. A transaction to purchase bitcoin with a national fiat currency was recently conducted by a local bank and another licensed exchange, Intebix.
Binance previously promised support for the “safe development” of the country’s digital asset market. The exchange and the government in Nur-Sultan agreed to share information on financial crimes involving cryptocurrencies under a memorandum of understanding recently signed with Kazakhstan’s Financial Monitoring Agency.
What do you think about the collaboration between Binance and Kazakhstan on the central bank digital currency project? Tell us in the comments section below.
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