Kazakhstan to create its central bank digital currency based on the BNB Chain

Kazakhstani officials maintain their close relationship with Binance, with the National Bank planning to integrate its CBDC into the BNB Chain.

The Binance founder announced on Twitter that the National Bank of Kazakhstan (NBK) will integrate its central bank digital currency (CBDC), the digital tenge, onto the BNB Chain, the Binance network’s underlying blockchain.

The NBK launched a CBDC pilot program in which local merchants and consumers participated. Zhao stated that he hopes the bank will continue to develop use cases to “bridge the gap between traditional banking and the crypto ecosystem.”

This is just one of many developments in the network’s effort to increase crypto adoption, particularly in Kazakhstan. Binance received preliminary approval to operate as a digital asset service provider in Kazakhstan in August of this year.

On October 6, the Kazakh Financial Services Authority granted Binance a permanent license to provide digital asset services and custody services.

Binance also signed a memorandum of understanding with local authorities around this time to aid in the fight against financial crime.

The Binance ecosystem, including its founder, has been outspoken about its goal of increasing crypto adoption globally.

It has recently engaged in crypto-related activities in Ukraine, hosting an NFT collection of a local museum under threat due to the conflict, as well as opening two new offices in Brazil, one of Latin America’s major crypto hubs.