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Digital tenge introduction planned in Kazakhstan

05.05.2021 38746
Digital tenge introduction planned in Kazakhstan
The National Bank of Kazakhstan plans to start issuing digital tenge, the Bank press service said on Wednesday.

It is reported that the digital tenge will be a legal payment means, can be stored. It is assumed that financial market participants will provide payment services, and the National Bank will provide the infrastructure.

Digital tenge is a new form of money in Kazakhstan, which will be issued by the National Bank. Digital tenge is not intended to replace cash or non-cash money, but will be used concurrently. The introduction of digital tenge will ensure further development of the National payment system and reduce dependence on settlements, "the National Bank's thematic report says.

It is noted that in order to make a decision on digital tenge, it is necessary to conduct a comprehensive study of the benefits and risks with the definition of the tasks solved by the digital currency, the method of its emission and distribution, technology used, the impact on monetary policy, financial stability and the payment ecosystem.

The National Bank plans to carry out this work together with financial market participants, the expert community and international partners.

Source: Kazpravda.kz

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