The cryptocurrency sector has seen Binance and Kazakhstan make news over the past several months. The nation was shown warmly embracing the cryptocurrency exchange. More recently, the company was successful in getting a permit to work there. Changpeng Zhao, CEO of the exchange, also disclosed that the nation would test the integration of its CBDC on the BNB Chain.
The CEO of Binance, CZ, noted in a recent Twitter conversation that the exchange has presented the idea of the BNB Chain to the National Bank of Kazakhstan [NKB] earlier. The notion of fusing the BNB Chain with the Digital Tenge emerged. To further explain, CZ tweeted,
“Looking forward to NBK preparing CBDC use cases to see how they could be integrated into #BNB Chain to bridge the gap between traditional banking and the crypto ecosystem.”
It should be mentioned that the government and central bank of Kazakhstan have been preparing to launch their own CBDC for a while now. NKB had previously stated that the Digital Tenge would be released by the end of 2022.
The NKB recently conducted a CBDC “pilot in a controlled environment and with real consumers and merchants,” CZ added.
Binance To Head Kazakhstan’s Crypto World
Binance was spotted building the groundwork to dominate the Kazakhstan cryptocurrency industry, as was previously mentioned. Binance is anticipated to assist the country in market regulation, despite the exchange already having permits to operate in the area. In accordance with a Memorandum of Understanding [MoU] that had already been signed, the company aimed to assist the nation in developing crypto-related rules.
With the Agency of the Republic of Kazakhstan for Financial Monitoring, the company just inked another MOU. The exchange is anticipated to help the authorities in this by identifying and removing cryptocurrencies that have been gained unlawfully.
Now that the exchange is supporting Kazakhstan’s CBDC initiatives, Binance is probably unstoppable.
In other news, the crypto exchange has also announced the launch of Binance Oracle, a new data feed network that enables blockchain smart contracts to interact with actual data, starting with the cryptocurrency exchange’s own internal blockchain service, BNB Chain.