Kazakhstan to Integrate its CBDC on BNB Chain, CZ Confirms

Kazakhstan to Integrate its CBDC on BNB Chain, CZ Confirms

Changpeng Zhao, the CEO of Binance, has revealed that the Central Bank of the Republic of Kazakhstan is going to integrate its Central Bank Digital Currency (CBDC) in BNB Chain. The company has recently been strengthening its presence in the Central Asian nation. The regulator there, the AIFC Financial Services Authority (AFSA), has allowed it to run a digital assets platform and to offer custody services for Kazakh consumers. 

Zhao disclosed that the Binance team had held discussions recently with senior members of Kazakhstans Central Bank, including the first deputy governor–Berik Sholpankulov–and head of its payments and technology center–Binur Zhalenov. During their meetings, the exchange proposed that the institution integrate its forthcoming CBDC into the BNB Chain. CZ reminded that the NBK has already launched the pilot of its digital tenge on “a controlled environment, with real consumers and traders”.

. In a recent tweet, he said that the bank has tapped Binance to be its partner on this product. Some Twitter users described the partnership as a bullish move, which can have positive effects on the whole cryptocurrency industry. Despite this, a smaller segment expressed their opinion that Binance should not be involved in CBDC, believing such financial products are lacking in the cryptocurrencys virtues. 

The worlds largest cryptocurrency platform joined forces earlier this month with the Republic of Kazakhstans Financial Supervisory Agency, to provide local investors the ultimate safety while diving into the digital assets ecosystem. In addition, the two parties will be watching carefully whether criminals are using cryptocurrency for criminal activities, such as money laundering and terror funding. If detected, those tokens will be blocked. Tigran Ghambaryan — vice president for global intelligence and investigations at Binance — stressed the trading platform has the “most robust compliance programs in the industry” and is able to perform the tasks mentioned above. 

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