Kazakhstan to Integrate its CBDC With BNB Chain – Binance CEO

Changpeng Zhao, Binance’s Chief Executive Officer who is popularly referred to as CZ announced that the National Bank of Kazakhstan (NKB) plans to integrate its Central Bank Digital Currency (CBDC) Digital Tenge into the BNB. This decision was reached after the Binance team visited officials of NKB to explain the prospects of incorporating Digital Tenge with BNB Chain.

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Binance visit had Kazakhstan nationals in attendance including Berik Sholpankulov, the First Deputy of the Governor of the National Bank of Kazakhstan (NKB), and Binur Zhalenov, the Head of the Payment and Technological Center. After the meeting, Zhao posted a tweet expressing what he wishes the outcome of their discussions to be. 

“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,” CZ tweeted

For Binance, this will serve as another strategy to expand its presence while it pushes for crypto adoption as well as regulation in Kazakhstan.

This year alone, the leading global cryptocurrency exchange has made multiple deals in the region. In May, Binance inked a new partnership through a Memorandum of Understanding (MoU) with the government of Kazakhstan. 

Binance Establishes Presence in Kazakhstan

The terms of the agreement of the partnership put the crypto exchange in charge of bolstering digital assets proliferation in Kazakhstan.

Ultimately, the nation hinged on Binance to develop the digital currency ecosystem of Kazakhstan. Therefore, the creation of a blockchain-inclined venture capital fund and academy was set in the future perspective.

A while ago, the crypto behemoth was installed with In-Principle Approval from the Astana Financial Services Authority (AFSA) to operate a digital asset trading facility and provide custody in the Astana International Financial Centre (AIFC). Earlier this month, Binance finally bagged a full license from the Kazakhstan regulator to offer its suite of services in the region.

With this integration decision reached, the National Bank of Kazakhstan will develop use cases for the integration of the Digital Tenge with the BNB Chain. Just like Zhao previously inferred, the nation seeks to bridge the gap between traditional banking systems and the digital assets ecosystem.

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