Kazakhstan to Integrate its CBDC on BNB Chain, CZ Confirms

Changpeng Zhao – CEO of Binance – revealed that the National Bank of the Republic of Kazakhstan will integrate its central bank digital currency (CBDC) into BNB Chain.

The firm has strengthened its presence in the Central Asian country lately. The local regulator AIFC Financial Services Authority (AFSA) allowed it to operate a digital asset platform and provide custodial services to Kazakhstani consumers.

The NBK Picked BNB Chain

Zhao disclosed that Binance’s team has recently held discussions with top members of Kazakhstan’s central bank, including the First Deputy of the Governor – Berik Sholpankulov – and the Head of Payment and Technological Center – Binur Zhalenov.

During their meetings, the exchange offered the institution to integrate its upcoming CBDC on BNB Chain. CZ reminded that the NBK has already launched a pilot version of its digital tenge in a “controlled environment and with real consumers and merchants.” In a recent tweet, he said the bank had tapped Binance as a partner for that product.

National Bank of Kazakhstan (NKB) will integrate their CBDC on @BNBchain. #BNB https://t.co/33WMKwAczm

— CZ 🔶 Binance (@cz_binance) October 27, 2022

Some Twitter users described the collaboration as a bullish move that could positively impact the entire crypto industry. Still, a small chunk opined that Binance should not get involved with CBDCs, arguing that such financial products lack the merits of cryptocurrencies.

Binance Shook Hands With Kazakhstan’s Regulator

The world’s largest crypto platform partnered with the Financial Monitoring Agency of the Republic of Kazakhstan earlier this month to grant local investors maximum security when diving into the digital asset ecosystem.

In addition, the two parties will closely observe whether wrongdoers use cryptocurrencies in their criminal activities, such as money laundering and terrorist financing. If detected, such tokens will be blocked.

Tigran Ghambaryan – VP of Global Intelligence and Investigations at Binance – emphasized that the trading venue has “the most robust compliance program in the industry” and is capable of carrying out the aforementioned tasks.

“We express our gratitude to the Financial Monitoring Agency of the Republic of Kazakhstan for their cooperation and commitment to solving problems in the rapidly growing cryptocurrency industry,” he concluded.