Kazakhstan Establishes Agency for Developing CBDC

Kazakhstan Establishes Agency for Developing CBDC

The National Bank of Kazakhstan Launches New Agency for CBDC Development

The National Bank of Kazakhstan (NBK) has established a new agency called the National Payment Corporation to oversee the development of the country’s central bank digital currency (CBDC), known as the digital tenge. The agency’s 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 cryptocurrency exchange, has partnered with Kazakhstan for the development of the CBDC.

Kazakhstan: A Crypto-Friendly Destination

Despite recent challenges related to crypto mining, Kazakhstan is generally considered a favorable destination for cryptocurrency activities. It serves as a key access point to the Commonwealth of Independent States (CIS), a rapidly growing market that is adopting cryptocurrencies at an increasing rate. Bybit, the second-largest cryptocurrency derivative exchange globally, has received preliminary approval from the Astana Financial Services Authority (AFSA) to offer crypto services in Kazakhstan. Additionally, Binance plans to provide various services to users in Kazakhstan, including fiat deposits and withdrawals, crypto custody, and exchange facilities.

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Hot Take: Kazakhstan Embracing CBDC Development and Crypto Services

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Kazakhstan is taking significant steps towards embracing digital currencies and blockchain technology. With the establishment of the National Payment Corporation and partnerships with major players like Binance, the country aims to become a leader in CBDC adoption. This move highlights Kazakhstan’s commitment to fostering innovation in the financial sector and positioning itself as a crypto-friendly destination. As other countries explore their own CBDC initiatives, Kazakhstan’s progress serves as an example of how collaboration between government entities and cryptocurrency industry leaders can drive forward this transformative technology.

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