The National Bank of Kazakhstan plans to launch a pilot project "Digital tenge"

The National Bank has brought up for discussion the issue of the introduction of digital tenge in Kazakhstan. Digital currency will become an alternative form of payment without the abolition of banknotes and coins, thereby becoming the third legal form of payment.

It should be noted that Kazcoin is not an analogue of cryptocurrencies, as individuals and legal entities will be able to pay for goods and services, to make transfers using digital tenge everywhere.  

"The fundamental principles of the implementation of digital currency of the Republic of Kazakhstan should not jeopardize monetary and financial stability. And also complement existing forms of money. Increase the efficiency of payments and promote the growth of innovation," according to the official website of the National Bank.

The introduction of digital currency will allow the development of the fintech industry in Kazakhstan and increase the transparency of monetary transactions, including the expenditure of budgetary funds and social payments to citizens of Kazakhstan.

"The decision to issue digital tenge requires a comprehensive analysis and research of all potential benefits and risks for the economic environment, monetary policy and financial stability. According to international research regarding the benefits and risks of the introduction of digital currency cannot be answered reliably at this stage.In this regard, the basic task in determining the design parameters of the digital currency concept is to find a balanced approach in which the benefits and risks will be optimized. The most preferred approach to solving this problem is to test different scenarios for the use of digital tenge in a pilot project. Based on the results of the pilot project. This approach will minimize subsequent risks and costs, allowing to determine the most advantageous strategy for the implementation of digital tenge for all market participants" - reported on the website of the National Bank.

Comments 0

Login to leave a comment