Kazakh National Bank Will Integrate Its Digital Currency With BNB Blockchain, Binance CEO Says
ASTANA – The National Bank of Kazakhstan intends to integrate its digital currency into Binance’s BNB blockchain, Binance CEO Changpeng Zhao announced on his Twitter on October 26.
Photo credit: Karolina Grabowska
“Our team met with First Deputy Governor of the National Bank of Kazakhstan Berik Sholpankulov and Head of Payment and Technology Center Binur Zhalenov. We introduced them to the BNB Chain community to discuss testing the integration of their Digital Tenge with BNB Chain,” tweeted Zhao.
Earlier this month, the Astana International Financial Center (AIFC) granted Binance a permanent license to manage a digital asset platform and provide custody services in Kazakhstan, making it an official financial regulator in the country.
The National Bank started to explore cryptocurrency market in 2021 when it launched a pilot project to evaluate the digital market’s risks and benefits.
“If you are not aware, the National Bank of Kazakhstan recently launched a digital currency pilot in a controlled environment and with real consumers and sellers,” Zhao noted in his Tweet. “Looking forward to NBK preparing digital currency use cases to see how they can be integrated into the BNB chain to bridge the gap between traditional banking and the crypto ecosystem.”
Kazakhstan has been an attractive location for crypto miners for a long time due to low energy prices. The Kazakh government, realizing the market’s potential and the miners’ abuse of energy consumption, began to develop and introduce regulations.
“The collaboration seems mutually beneficial as it can drive digital tenge adoption by reinforcing our value proposition for crypto-savvy, mature consumers and increasing trust in a regulated crypto ecosystem,” Zhalenov wrote in his social media post.
Mazhilis, a lower house of the Kazakh parliament, approved a bill on digital assets on October 12, which sets out registration procedures, procedures to regulate the circulation of unsecured digital assets, including their issuance and exchange, and a list of taxes.
“Miners are becoming full participants in the Kazakh economy. Prior to this, mining operations were mainly performed in cloud services by non-residents. Kazakhstan was a raw material appendage of the blockchain industry. The bills will require miners to obtain licenses in Kazakhstan to create legal entities and become full tax subjects, Mazhilis deputy head Yekaterina Smyshlyayeva said as she presented the bill.
