Kazakhstan's central bank to test BNB Chain for its digital currency

Quick Take

  • Kazakhstan’s central bank has agreed to trial BNB Chain for its digital currency, a Binance spokesperson told The Block.
  • The development comes shortly after Binance received a license to operate in Kazakhstan.

The National Bank of Kazakhstan (NBK) has agreed to test Binance's blockchain network BNB Chain for potential integration into the country's central bank digital currency (CBDC), the exchange giant said. 

Binance recently met with two NBK officials — deputy governor Berik Sholpankulov and head of payment and technological center Binur Zhalenov — Binance CEO Changpeng Zhao tweeted on Wednesday. The company introduced the two officials to the BNB Chain community to discuss testing the blockchain integration in digital tenge, according to Zhao.

"Binance and NBK agreed to test NBK CBDC (digital tenge) integration on BNB Chain," a Binance spokesperson told The Block when contacted for comment. "There is ongoing discussion on specific use cases to be tested." The central bank didn't immediately respond to The Block's request for comment.

The NBK started the digital tenge pilot project in 2021 to study the benefits and costs of the possible implementation of digital currency. In July of this year, the central bank developed a decision-making model for digital tenge implementation, and by the end of this year, it is expected to make a final decision on the implementation.

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