Kazakhstan is exploring the possibility of creating a CBDC

The Governor of the National Bank admitted that the digital currency will play a key role in the financial industry in the future

16.12.2021 - 13:40

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What’s new? The National Bank of Kazakhstan has been studying the issue of CBDC and announced that it will decide the launch of the project by December 2022. The regulator only started considering the possibility of creating a CBDC in mid-2021, announcing plans to pilot a digital tenge prototype in May. This is reported by the Nur.Kz platform.

Information on the Nur.Kz website

What does the agency say? The National Bank Governor Erbolat Dossayev said that the regulator has been working on the creation of a prototype platform of the digital tenge in 2021 and has completed it. Dossayev acknowledged that CBDCs will play a key role in the financial industry in the future:

“The central banks in most countries have either launched pilot projects or are exploring the viability of creating a sovereign digital currency, and Kazakhstan does not want to lag behind.”

What had happened before? Some countries, such as China, whose anti-mining measures have played a key role in Kazakhstan becoming a new hub, are at an advanced stage of CBDC development. As was mentioned earlier, China's central bank is currently working to integrate the digital yuan into Hong Kong's Faster Payment System. This will allow visitors from mainland China to spend and fund their wallets through Hong Kong banks and electronic payment systems.

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