Kazakhstan has successfully tested the digital tenge platform

Industrial application of the service may begin at the end of 2023

12.12.2022 - 14:15

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What’s new? Kazakhstan has successfully completed testing the digital tenge technological platform. According to TASS, citing statements by the Chairman of the National Bank of Kazakhstan Galymzhan Pirmatov, by the end of next year the country may begin industrial application of the platform.

News on the TASS website

How did the testing take place? According to Pirmatov, more than 3500 transactions with the asset were conducted during the pilot project. Both real consumers and trade and service enterprises took part in the testing. At the same time, according to surveys, more than 60% of the population of Kazakhstan is ready to use the digital tenge.

This week, the authorities will publish a report with the results of a study and the recommended decision for the need to implement the digital tenge. Pirmatov stressed that in case of positive results, the industrial application of the national digital currency for public procurement and social payments will begin in the fourth quarter of 2023.

In October, Changpeng Zhao, CEO of crypto exchange Binance, reported that the National Bank of Kazakhstan will integrate the digital tenge with the BNB Chain. The move is intended to bridge the gap between traditional banking services and the cryptocurrency ecosystem. In the same month, Kazakhstan’s parliament approved the bill on the legalization of cryptocurrencies in the first reading. According to the document, mining, the issuance, and circulation of digital assets, as well as the operation of crypto exchanges in the country fall under the regulation.

Kazakhstan’s central bank began studying the issue of creating a CBDC at the end of 2021. The regulator noted that the decision to launch the project would be made by December 2022. Then the National Bank Governor Erbolat Dossayev said that in the future CBDC would play a key role in the financial industry.

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