According to the tweet from Changpeng Zhao, CEO of Binance, the National Bank of Kazakhstan plans to incorporate its digital currency onto the BNB blockchain, The Astana Times reported.
Berik Sholpankulov, first deputy governor of the National Bank of Kazakhstan, and Binur Zhalenov, director of the payment and technological center, were in attendance during the meeting with the Binance team. For the purpose of discussing testing the integration of their Digital Tenge with BNB blockchain, they exposed them to the BNB blockchain community, Zhao said in his tweet.
The Astana International Financial Centre (AIFC) gave Binance a permanent license at the beginning of October, designating it as Kazakhstan’s official financial regulator and allowing it to administer a platform for digital assets and offer custody services there.
In order to assess the advantages and disadvantages of the digital market, the National Bank started investigating the cryptocurrency market in 2021 by launching a trial project.
Due to its affordable electricity, Kazakhstan has long been a desirable site for cryptocurrency miners. The Kazakh government began creating and enacting laws after discovering the market’s potential and the miners’ excessive energy use.
The partnership appears to be advantageous for both parties since it may boost trust in a regulated crypto environment and increase the adoption of the digital tenge by enhancing Kazakhstan’s value offer for customers who are informed about cryptocurrencies.
On October 12, the Mazhilis, the lower house of the Parliament of Kazakhstan, adopted a law on digital assets that outlines registration requirements, rules for controlling “the circulation of unsecured digital assets,” such as their issue and exchange, and a list of taxes.
“Miners are becoming full-fledged participants in the Kazakh economy. Before this, mining activities were mainly carried out in cloud services by non-residents. Kazakhstan was a raw material appendage of the blockchain industry. The bills will require miners to obtain licenses in Kazakhstan to create legal entities and become full-fledged subjects of taxation,” said Mazhilis deputy Yekaterina Smyshlyayeva when presenting the bill, as quoted by The Astana Times.
