Kazakhstan, the world’s 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.