In an announcement on Twitter, Changpeng Zhao, the founder and CEO of Binance, said the network will be a major component of Kazakhstan’s latest Web3 endeavor.
The Binance founder tweeted that the National Bank of Kazakhstan (NBK) will integrate its central bank digital currency (CBDC), the digital tenge, on the BNB Chain, the underlying blockchain of the Binance network.
The NBK launched a CBDC pilot which included the participation of local merchants and consumers. Zhao said he looks forward to the bank further developing use cases to “bridge the gap between traditional banking and the crypto ecosystem.”
This development is one of many in the network’s effort to push crypto adoption, particularly in Kazakhstan. Back in August of this year, Binance was given its in-principle approval to operate as a digital asset service provider in Kazakhstan.
Less than a month later, on Oct. 6, the Kazakh Financial Services Authority granted Binance a permanent license to offer digital asset services and provide custody services. It was around this time that Binance also signed a memorandum of understanding with local authorities in an effort to help fight financial crime.
The Binance ecosystem, including its founder, has been vocal about its mission to push crypto adoption around the world. Recently it has engaged in crypto-related activities in Ukraine by hosting an NFT collection of a local museum at risk due to the conflict, along with opening two new offices in Brazil, one of Latin America’s major crypto hubs.
Kazakhstan’s CBDC pilot program is among the country’s recent activities in the crypto space.
On Sept. 28, President Kassym-Jomart Tokayev said Kazakhstan is inching closer to legalizing methods to convert cryptocurrencies to cash, along with full legal recognition. This statement came after the country introduced new crypto mining tax regulations over the summer.
Recent data on global crypto mining revealed that Kazakhstan is among the world’s top three destinations for Bitcoin (BTC $20,603) mining, after the United States and China.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
XRP ruling by Judge Torres denied in Coinbase lawsuit, yet another blow to Ripple
XRP programmatic sales ruling by Judge Torres completely rejected by US Court in Coinbase lawsuit. US Court rejected Coinbase’ motion to dismiss SEC lawsuit, weighing heavily on Ripple’s legal battle.
Sushi price eyes $3 after clearing key weekly resistance level
Sushi price flips the $1.628 resistance level into a support floor after a month of struggle. A temporary retracement might be a good opportunity to accumulate SUSHI before a retest of $3. A breakdown of the $1.267 barrier would invalidate the bullish thesis.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.