The National Bank of Kazakhstan Launches New Agency for CBDC Development
The National Bank of Kazakhstan (NBK) has established a new agency wasย known the National Payment Corporation to oversee the development of the countryโs monetaryย authority digitalย currency (CBDC), known as the digital tenge. The agencyโs primary role will be to regulate the national payment system, including money transfers, digital identification, and interbank clearing services. The development of the digital tenge began earlier this year and is expected to be launched in 2025. Binance, a leading digitalย currency exchange, has partnered with Kazakhstan for the development of the CBDC.
Kazakhstan: A Crypto-Friendly Destination
Regardlessย of recent challenges related to cryptocurrency mining, Kazakhstan is traditionally considered a favorable destination for digitalย currency activities. It serves as a key access point to the Commonwealth of Independent States (CIS), a rapidly growing market that is adopting digitalย currencies at an increasing rate. Bybit, the second- largest digitalย currency derivative exchange universally, has received preliminary approval from the Astana Financial Services Authority (AFSA) to offer cryptocurrency services in Kazakhstan. Inย addition, Binance intendsย to provide numerous services to users in Kazakhstan, including fiat deposits and withdrawals, cryptocurrency custody, and exchange facilities.
Hot Take: Kazakhstan Embracing CBDC Development and Cryptocurrency Services
Kazakhstan is taking wholeย lotย of steps towards embracing digitalย currencies and blockchain technology. With the establishment of the National Payment Corporation and partnerships with major players like Binance, the country intendsย to become a leader in CBDC adoption. This move outlines Kazakhstanโs commitment to fostering innovation in the financial sector and positioning itself as a crypto-friendly destination. As other countries explore their own CBDC initiatives, Kazakhstanโs progress serves as an example of how collaboration between Government entities and industry of digitalย currency leaders can drive forward this transformative technology.
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