Binance continues to work hand in hand with Kazakh authorities.
Binance, the largest crypto exchange in terms of daily trading volumes, CEO Changpeng Zhao claims that Kazakhstan plans to test its central bank digital currency (CBDC) on Binance's network blockchain, dubbed BNB Chain.
According to the Twitter thread shared by Changpeng Zhao, the National Bank of Kazakhstan (NBK) agreed to integrate its CBDC into BNB Chain.
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In his earlier tweets, Binance's leader revealed that after receiving regulatory approval from Kazakhstan, Binance’s team met with the First Deputy of the Governor of the National Bank of Kazakhstan (NKB), Berik Sholpankulov, and the Head of Payment and Technological Center, Binur Zhalenov.
In the meeting, Binance’s team reportedly introduced BNB Chain to Kazakhstan’s authorities, intending to discuss possible testing integration. In his tweets, Zhao noted that he is excited to see how both sides can “bridge the gap between traditional banking and the crypto ecosystem.”
Recently, the National Bank of Kazakhstan launched its CBDC pilot program in a controlled environment with real consumers and merchants. It is worth noting that NBK began its CBDC testing back in 2021.
Binance’s journey with Kazakhstan began, in August, when the crypto exchange received In-Principal Regulatory approval to operate in the country. On October 6th, Binance received the Kazakh Financial Services Authority’s license to provide custody services and offer digital asset services.
It is worth noting that a few days before receiving the green light from the Kazakh Financial Services Authority, Binance signed a memorandum of understanding (MoU) with the Financial Monitoring Agency of the Republic of Kazakhstan.
Binance continues to solidify its position as one of the leading crypto exchanges by collecting regulatory approvals, with the most recent ones from New Zealand and Spain. Moreover, during the past few weeks, the company has launched Binance Oracle and Crime Investigation Unit.
On the other hand, Kazakhstan was named the third biggest Bitcoin (BTC) miner in the world, giving up positions only to China and the United States.
