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BNB Chain will play a role in the CBDC of the Republic of Kazakhstan

Binance CEO Changpeng Zhao revealed that BNB Chain will play a role in the digital currency of the Central Bank of the Republic of Kazakhstan (CBDC). The Central Asian country has been in the race for CBDC since May 2021. As the country’s central bank announced at the end of last year, a decision on the feasibility of launching a CBDC should be made by December 2022.

Changpeng Zhao tweeted that the Binance team is tirelessly advancing the global adoption of cryptocurrencies and met with the First Deputy Governor of the National Bank of Kazakhstan (NKB), Berik Sholpankulov, and the Head of the Payments and Technology Center, Binur Zhalenov. Although no details are known yet, it is likely that the CBDC will be based on a multi-chain architecture.

Kazakhstan’s CBDC model is two-tiered, which means that the Central Bank oversees the entire system, while smaller banks open tenge digital wallets where users can exchange and redeem digital tenge and make interbank transfers. The Central Bank of Kazakhstan also stated that CBDC is not intended to replace cash or cashless payments. Therefore, digital tenge tokens will not be counted on the balance sheets of banks, but only in digital wallets of users.

Image: Inventiva



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