CEFIREGULATION

Binance's General Manager in Kazakhstan has been promoted to the position of Director of Digital Development and will fully implement CBDC next year.

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Binance CEO Richard Teng congratulated their Kazakhstan General Manager Zhaslan Madiev on being appointed as the Minister of Digital Development in Kazakhstan! Wishing him all the best in driving Kazakhstan's digital development with passion and expertise in this new role.

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In fact, Binance received a provisional approval from the Astana Financial Services Authority (AFSA) of Kazakhstan in August 2022 to operate a digital asset exchange and provide custody services at the Astana International Financial Center (AIFC). At that time, Binance founder Zhao Changpeng stated that the National Bank of Kazakhstan would integrate its central bank digital currency – digital tenge on the BNB Chain for testing.

The National Bank of Kazakhstan (KRNB) announced in November last year the launch of a pilot program for its central bank digital currency (CBDC), issuing the first batch of digital tenge on its digital platform, allowing participating bank customers to open digital accounts and use digital tenge through the bank's mobile application. Kazakhstan plans to fully implement digital tenge by the end of 2025.

It appears that the cooperation between Binance and Kazakhstan is indeed very close, especially compared to the situation where the American cryptocurrency exchange Coinbase was banned and its website blocked by Kazakh authorities in November last year. Local executives of Binance have been promoted to the position of Kazakhstan's Minister of Digital Development, which is expected to further boost Binance's development in Kazakhstan.

Kazakhstan's digital tenge pilot program launched, first batch of CBDC issued

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