National Bank of Kazakhstan (NBK) To Test BNB Chain for Digital Currency
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Evaluation of NBK CBDC
On October 6, Binance announced that the Astana International Financial Center in Kazakhstan now offers custodial services due to a license from the AIFC Financial Services Authority (AFSA) to manage a digital assets network. Binance can operate as a digital asset network that connects operators and custodial service providers at the Astana International Financial Center.
According to a representative for Binance, the two companies agreed to trial NBK CBDC (digital tenge) integration on BNB Chain. The particular use cases that need evaluation are still in discussion.
Digital Tenge Pilot Project
To analyze the advantages and drawbacks of the potential adoption of digital money, the NBK launched the digital tenge pilot project in 2021. The central bank created a framework for judgment about the adoption of the digital tenge in July this year, and by the closing of the year and is anticipated to make a definitive choice for the implementation.
The bank stated that implementing the digital tenge will improve financial inclusion, notably by offering offline payments. It will be possible to develop cutting-edge services based on smart contract technology due to the digital tenge network, which will serve as a new tool for government organizations and players in the financial market. The implementation of the digital tenge will improve cross-border payments in the future.
