- The Republic of Kazakhstan’s central bank will adopt BNB Chain for its digital currency (CBDC).
- Kazakhstan has stepped into a completely new economic era.
- The Kazakhstan president has granted Binance the green light to launch a market for digital assets.
The introduction of digital currencies has been embraced with wide arms in Kazakhstan. In light of this, Changpeng Zhao, the CEO of Binance, has disclosed that the BNB Chain will be used in the Republic of Kazakhstan’s central bank’s digital currency (CBDC).
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Changpeng Zhao is looking forward to the National Bank of Kazakhstan (NBK) preparing CBDC use cases to see how they could be integrated into BNB Chain. This comes in an effort to bridge the gap between traditional banking and the crypto ecosystem.
According to recent updates, Kazakhstan has stepped into a completely new economic era almost similar to that of Dubai. This has been hedged by the country`s willingness to adopt every single technology innovation.
The Central Bank Digital Currency payment system is being rolled out worldwide quickly. Additionally, social credit systems have now been linked to CBDC. Above all this, Turkey is poised to launch a central bank digital currency (CBDC) next year(2023). This is a great development for CBDC despite critics following its growth and adoption.
The central bank of Kazakhstan administers the entire system, while smaller banks establish digital tenge wallets where users can trade and redeem digital tenge as well as conduct interbank transfers.
The CBDC is not meant to be a substitute for cash or cashless payments, according to the Central Bank of Kazakhstan. As a result, the digital tenge tokens will only be listed in users’ digital wallets and not on banks’ balance sheets.
Additionally, Binance has been given the go-ahead by the Kazakhstan president to establish a market for virtual assets. In order to achieve this, CZ and the Financial Supervisory Authority of the Republic of Kazakhstan have agreed to work together.
The agreement, in accordance with Zhao, is a component of the business’s Law Enforcement Training Program (LETP) to combat cybercrime. In France, Germany, Italy, the UK, Norway, Canada, Brazil, Paraguay, and Israel, LETP is already in place.
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