Kazakhstans central bank recommended making the in-house CBDC available as early as 2023 with a phased expansion of functionality and introduction into commercial operation until the end of 2025. 4732 Total views 17 Total shares Listen to article 0:00 News Own this piece of crypto history
Collect this article as NFT Kazakhstan, the worlds third-largest Bitcoin (BTC) mining hub after the United States and China, found feasibility in launching its in-house central bank digital currency (CBDC), a digital tenge. The National Bank of Kazakhstan (NBK) revealed the finding following the completion of the second phase of testing.
In late October, Binance CEO Changpeng’ CZ’ Zhao announced that Kazakhstan’s CBDC would be integrated with BNB Chain, a blockchain built by the crypto exchange. The country’s primary motivation for conducting studies on CBDC was to test its potential to improve financial inclusion, promote competition and innovation in the payments industry and increase the nation’s global competitiveness.
The pilot researchfocused on offline payments and programmabilityrecommended the inclusion of market participants and infrastructure players for different scenarios and proposed clarifying language to be used by the countrys regulators. The latest research paper cemented Kazakhstans intent to roll out the digital tenge. A rough translation of the report reads:Taking into account the need for technological improvements, infrastructure preparation, development of an operating model and a regulatory framework, it is recommended to ensure a phased implementation over three years.
Kazakhstans central bank recommended making the in-house CBDC available as early as 2023 with a phased expansion of functionality and introduction into commercial operation until the end of 2025.
Related: Binance signs MoU with Kazakhstan to fight financial crime
As many Russians crossed the border into the neighboring borders amid war-related uncertainties, Kazakhstan announced to legalize a mechanism for converting cryptocurrencies to cash.
We are ready to go further. If this financial instrument shows its further relevance and security, it will certainly receive full legal recognition, said President Kassym-Jomart Tokayev while speaking at the international forum Digital Bridge 2022.
As Cointelegraph reported, the neighboring country of Georgia has also been moving to introduce new crypto regulations to become a global crypto hub. #Business #Central Bank #Adoption #Changpeng Zhao #Kazakhstan #Binance #CBDC Related News What is total value locked (TVL) in crypto and why does it matter? Algorithmic stabilization is the key to effective crypto-finance Bank of Japan to trial digital yen with three megabanks Australian CBDC receives unexpected interest but could hurt banks: RBA Only 1% of people can handle crypto self-custody right now: Binance CEO
