on the crypto
For several years now, with the advent of digital assets, central banks around the world have been thinking about issuing dematerialized currencies. This is especially the case in Kazakhstan which could launch its CBDC on several blockchains, including the Binance chain!
Binance: A Strong Ally for Kazakhstan's CBDC Launch!
Within the cryptocurrency ecosystem, it is difficult to find a platform more representative than Binance. Through his Twitter account, CZ, the exchange's whimsical CEO, announced that Kazakhstan's CBDC will be well integrated into the NBB chain.
Like other countries in the world (most?), The Kazakh central bank has placed the issue of digital currency among its priorities. But to do so, the entity intends to operate differently from the most frequently observed patterns. In fact, contrary to what could be found in most of the years to come, Kazakhstan proposes an emission model based on the current system.
In other words, the country's commercial banks will open the digital wallets in tenge, not consumers. Users will then be able to access this digital currency through each of their banks. For the avoidance of doubt, the Kazakh Central Bank has also made it clear that its CBDC is not intended to replace cash payments. To make it clear that the digital tenge will not be registered in the financial statements of commercial banks, but only in the wallets of users.
Binance and Kazakhstan are on good terms!
Kazakhstan, known for its boundless steppes, has long been one of the leaders in the Bitcoin mining segment, but that period is now over. But the lesser Asian country retains some form of appetite for digital assets. As the country's relations with major cryptocurrency operators show. Like other countries in the world, the Kazakh government sees the wave of cryptocurrencies crashing over the next few years. And so he doesn't want to miss the train.
Through his Twitter account, CZ also made it clear that the Binance team is actively working with the government of Kazakhstan to facilitate the launch of the digital tenge.
A few weeks ago, the Binance platform obtained a permanent license to offer its services on the national territory. This license allows Binance to offer its digital asset trading services, but also its cryptocurrency custody services. But the bilateral agreements between Binance and Kazakhstan don't stop there. The platform has in fact obtained the consent of the president and a memorandum of understanding for the development of a virtual assets market in Kazakhstan.
A central bank coin that could be multi-chain!
Active on the issue of launching a central bank digital currency since May 2021, Kazakhstan could launch its product across multiple blockchains. This is suggested by the collaboration between the national central bank and the R3 Corda platform. The launch project has already been in the testing phase for a few months. A phase that foresees the use of the digital tenge already underway among consumers and merchants.
