Binance Kazakhstan Releases Stablecoin Backed by Digital Tenge
Date: 2023-11-17 Author: Dima Zakharov Categories: BUSINESS
Binance's Move in Kazakhstan's Digital Landscape
Binance Kazakhstan made headlines by introducing a stablecoin backed by the digital tenge on November 16. This release is part of a trial to test the interoperability of CBDC blockchain technology with the BNB Smart Chain network.
The project is a collaborative effort involving the National Bank and the National Payment Corporation of Kazakhstan. Their joint aim is to explore this new asset, assessing its potential to mitigate risks for digital tenge holders, particularly by enabling programmed usage.
The testing phase also includes the development of a Proof-of-Reserves mechanism. This will empower end-users to independently verify the collateralization of the stablecoins stored in their wallets.
Upon the completion of the project, the National Bank of Kazakhstan plans to formulate future scenarios to test compatibility across various platforms. They also intend to establish a regulatory framework for CBDC utilization.
Previously, Halyk Bank and Visa had issued a payment card linked to the digital tenge, indicating the country's stride in the realm of digital finance.
