Digital tenge implementation project presented in Kazakhstan
Main page  |  News  |  Digital tenge implementation project presented in Kazakhstan

In Kazakhstan, the National Bank has officially started considering a project to introduce digital tenge. So far, this proposal is under development, and a report on this issue is posted on the main official website.

Preliminary, the project proposes to make the digital tenge a legal currency and a means of payment, as well as assign a value to it and recognize it as a store of value. Electronic money should not replace regular cash, it just can exist as an additional form in which currency can be found. Many users immediately had a question regarding the safety of using digital money. However, regulators say there will be no problem with this. The technology behind the project meets the highest cybersecurity requirements.

The advantages of introducing electronic money into circulation can be:
    • uninterrupted operation of the system and its reliability, security;
    • the currency will become more competitive;
    • its stability in relation to other world currencies will increase significantly;
    • the level of trust among ordinary citizens will increase.

Representatives of the project regulator said that before starting large-scale work on the introduction of digital currency into everyday life, it is necessary to carefully study all the pros and cons, advantages and risks. In addition, during the analysis, you need to pay attention to the tasks that it can perform, to the ways of its popularization and distribution. Also find out the degree of influence on the general monetary system and credit policy, on financial stability.

According to the plan, this work should be carried out in cooperation with other financiers, experts in the field of the financial market, and international foreign partners should also be involved. Upon completion of all preparatory work, a pilot project should be released that will demonstrate all the benefits of digital currency.

The first time this event became known in July 2020, when the authorities of Kazakhstan announced their intention to create an additional form for the national currency. Next, the central bank officials began to develop plans and scenarios for issuing currency. So far, the timing of the project remains unknown.

As of today, it is known that digital assets in the Republic of Kazakhstan are considered personal property, and other electronic currencies are prohibited for use.

Added: 05.05.2021