The National Bank of Kazakhstan Launches New Agency for CBDC Development
The National Bank of Kazakhstan (NBK) has established a new agency was known the National Payment Corporation to oversee the development of the country’s monetary authority 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 digital currency exchange, has partnered with Kazakhstan for the development of the CBDC.
Kazakhstan: A Crypto-Friendly Destination
Regardless of recent challenges related to cryptocurrency mining, Kazakhstan is traditionally considered a favorable destination for digital currency activities. It serves as a key access point to the Commonwealth of Independent States (CIS), a rapidly growing market that is adopting digital currencies at an increasing rate. Bybit, the second- largest digital currency derivative exchange universally, has received preliminary approval from the Astana Financial Services Authority (AFSA) to offer cryptocurrency services in Kazakhstan. In addition, Binance intends 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 whole lot of 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 intends to become a leader in CBDC adoption. This move outlines 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 industry of digital currency leaders can drive forward this transformative technology.
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