ASTANA, Kazakhstan, November 16. Binance (the world's leading blockchain ecosystem and digital asset exchange) Kazakhstan, the National Bank of Kazakhstan and the National Payment Corporation of Kazakhstan announce the release of a test stablecoin backed by the digital tenge, Trend reports.
On the BNB Smart Chain (BSC) test network, the world's first stablecoin backed by a national digital currency was issued.
As Binance pointed out, this endeavor is a significant step toward increasing worldwide cryptocurrency usage.
"Trust and transparency are critical components of this stablecoin's use and acceptance." "Because of the digital tenge's programmability, this stablecoin model significantly reduces the risk of parties using the Digital Tenge and provides transparency through the use of a real-time "Proof-of-Reserves" service," Binance added.
Proof-of-Reserves is a verifiable audit procedure that helps end users verify that their stablecoins are fully backed by the digital tenge without the involvement of third-party auditors. This mechanism ensures transparency and trust in the stablecoin ecosystem.
As the Binance explains, this scenario will allow considering the main risks associated with the issuance of stablecoins backed by the digital tenge, and to determine the roles and responsibilities of all parties involved.
Based on the results obtained, the National Bank of Kazakhstan will develop future scenarios for testing the compatibility of various platforms, as well as the regulatory framework for its use.
On November 15, the official launch ceremony of the digital tenge took place. The ceremony was held during a presentation within the framework of the Congress of Financiers of Kazakhstan. The full-scale implementation of the digital tenge is planned to be completed before the end of 2025.
Kazakhstan has been discussing the idea of creating a digital tenge for years. In 2021, the National Bank of the Republic of Kazakhstan, in close cooperation with financial market participants, the expert community and international partners, implemented a pilot project digital tenge.
In 2022, the National Bank continued to study the benefits and costs of the introduction of the digital tenge, work was carried out to expand the technological functionality of the platform and quantitative economic studies were carried out.
An analysis of the regulatory aspects of the introduction of digital tenge was also carried out, and approaches to the development of the ecosystem were developed.
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