March 4, 2024

The Central Bank of Kazakhstan has started the development and implementation of digital tenge

The Central Bank of Kazakhstan has changed the status of observer over pilot projects of digital currencies(CBDC) in China, Canada andThe European Union for an active developer of their own project to launch the digital tenge. The National Bank is preparing a detailed report on this issue, which will be released in the second half of 2021.

By this time, Kazakhstan will fully determine the technological infrastructure and the necessary changes in the country's legislation to launch the CBDC.

According to the press service of the financial regulator,blockchain and the principles of regulation of sovereign cryptocurrency will be aligned with the general international approach in this area developed under the auspices of the Bank for International Settlements and the IMF. This will allow the tenge to be integrated into the global digital system of cross-border transactions and exchanges as soon as it appears through the efforts of the G-20.

Participants of the recent Grand SummitThe 20s agreed on the need to develop international CBDC regulation. Kazakhstan plans to create a cryptocurrency before the approval of the first such legislative projects.