Binance is working hard to promote the use of cryptocurrencies globally. For more than two months, he has been targeting Kazakhstan. We must also admit it: Binance is brilliantly carrying out its charm operation with this country. The proof: the Central Bank of Kazakhstan (NBK) has agreed to use the BNB chain for its CBDC. This refers to the Central Bank of Kazakhstan’s own digital currency.
Kazakhstan and Binance: a story that dates back several months
Binance has been trying to conquer the Kazakh crypto market since August. Concretely, it was during this period that he obtained his approval in principle. This allows it to operate as a digital asset service provider in Kazakhstan.
On October 6, Binance was granted a permanent license to offer digital asset services as well as custody services with the Financial Services Authority of Kazakhstan. Then he signs a Memorandum of Understanding with the Agency of the Republic of Kazakhstan for Financial Supervision. The aim of this approach is to fight against financial crime.
Most recently, on October 27, 2022, the CEO of Binance announced that the National Bank of Kazakhstan will integrate its digital currency (the digital tenge) on the BNB chain.
The quest for the Kazakh crypto market does not end there
As Changpeng Zhao, CEO of Binance, aptly put it at the start ofa series of tweets published by it, Binance will not stop until it fully conquers the crypto market of Kazakhstan.
Indeed, there are more and more meetings and interviews between this crypto exchange platform and high personalities of Kazakh finance. We quote in particular Berik Sholpankulov, the deputy governor of NBK and Binur Zhalenov, the head of the payment and technology center.
The objectives of these meetings: to present the high Kazakh personalities to the BNB Chain community and to discuss the tests integrating the digital Tenge with BNB Chain. Encounters that paid off, as NBK launched a CBDC pilot in a controlled environment with real users.
Kazakhstan’s central bank will soon use Binance’s BNB chain to launch its own currency. This simply means that the Kazakh authorities fully trust Binance. Another decryption: Binance is gradually taking over the crypto market in Kazakhstan.
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