Binance: Kazakhstan’s Central Bank to use BNB Chain for its CBDC

Sahana Kiran
Source – Pixabay

Over the last couple of months, the crypto industry has witnessed Binance making headlines alongside Kazakhstan. The country was seen welcoming the crypto exchange with open arms. More recently, the firm managed to acquire a license to operate in the region. In addition to this, the exchange’s CEO Changpeng Zhao revealed that the country would be testing the integration of their CBDC on the BNB Chain.

In a recent Twitter thread, Binance’s CEO CZ pointed out that the exchange had put forth the concept of the BNB Chain before the National Bank of Kazakhstan [NKB]. The idea of integrating the Digital Tenge with the BNB Chain surfaced. Elaborating on the same, CZ tweeted,

“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.”

It should be noted that the Kazakhstan government and the central bank have been working on rolling out their very own CBDC for quite some time. NKB had previously noted that it would launch the Digital Tenge by late 2022.

CZ also pointed out that more recently, the NKB carried out a CBDC “pilot in a controlled environment and with real consumers and merchants.”

Binance to take over the Kazakh crypto scene

As mentioned earlier, Binance was seen laying a foundation to take over the Kazakhstan crypto market. While the exchange has already garnered licenses to operate in the region, Binance is expected to aid the nation in regulating the market. Following a previously signed Memorandum of Understanding [MoU], the firm intended to support the country to formulate regulations governing crypto.

The firm recently signed another MOU with the Agency of the Republic of Kazakhstan for Financial Monitoring. Through this, the exchange is expected to aid the government in identifying and filtering out illegally obtained cryptocurrencies.

Now, with the exchange extending support toward Kazakhstan’s CBDC efforts, Binance is likely to be untouchable.