Zhao Changpeng, CEO of Coin An, revealed that BNBChain will play a role in the Central Bank of Kazakhstan's digital currency (CBDC). Since May 2021, this Central Asian country has been competing for CBDC
Zhao Changpeng, CEO of Coin An, revealed that BNBChain will play a role in the Central Bank of Kazakhstan's digital currency (CBDC). Since May 2021, this Central Asian country has been competing for CBDC.
As announced by the central bank at the end of last year, a decision will be made on the feasibility of launching CBDC before December 2022
CZ "wrote on Twitter that the Coin Security team is tirelessly promoting the global adoption of cryptocurrencies and has met with Berik Sholpankulov, the First Vice President of the National Bank of Kazakhstan (NKB), and Binur, the head of the Payment and Technology Center, Zalenov in recent weeks.
The outcome of the meeting is that the BNB chain will be integrated into the CBDC of Digital Tenge, Kazakhstan.
We will introduce them to the # BNBChain community and discuss the testing of integrating their CBDC (Digital Tenge) with @ BNBChain.
Although there are no further details yet, CBDC seems likely to be based on a multi chain architecture. In fact, NKB announced in December 2021 that CBDC is piloting on the Corda platform of R3.
In recent months, the CBDC pilot has been operating in Kazakhstan with real consumers and businesses in a controlled environment. CZ represents:
Looking forward to NBK preparing CBDC use cases to see how they can be integrated into the # BNB chain to bridge the gap between traditional banking and encryption ecosystems.
The pilot is being tested with KaspiBankJSC and EurasianBankJSC, the two largest commercial banks in the country.
The CBDC model in Kazakhstan is two-layer, which means that the central bank supervises the entire system, and smaller banks open digital tenge wallets where users can exchange and redeem digital tenge and make interbank transfers.
The Central Bank of Kazakhstan also stated that CBDC has no intention of replacing cash or cashless payments. Therefore, digital Tengo tokens are not recorded on the bank's balance sheet, but only in the user's digital wallet.
Coin An and Kazakhstan Collaborate to Integrate BNB Chain
As CZ pointed out in his Twitter post, Coin An maintains good relations with the government and central bank of Kazakhstan. Just three weeks ago, this cryptocurrency exchange obtained a "permanent license" to operate a digital asset platform and provide custody services.
This license grants Coin An the status of a regulated platform and authorizes the company to provide digital asset trading, legal currency deposits and withdrawals, and custody services.
In addition, Qian An has also obtained presidential approval to develop a virtual asset market in Kazakhstan. To this end, CZ has signed a Memorandum of Understanding (MOA) with the Financial Supervisory Authority of the Republic of Kazakhstan.
According to Zhao, the agreement is part of the company's law enforcement training program (LETP) to combat cybercrime. LETP has been installed in France, Germany, Italy, the United Kingdom, Norway, Canada, Brazil, Paraguay, and Israel.
At the time of writing, the trading price of BNB was approximately $291, which is about to break the 200 day moving average, which is a long-term trend indicator.
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