Digital tenge presented to Kazakhstan’s Supreme Audit Chamber

The National Bank of Kazakhstan presented the project for implementing the digital tenge to the staff of the Supreme Audit Chamber.

Representatives of the regulator said that CBDC will not replace cash or cashless money and will be used in parallel with them. Moreover, the ability to conduct offline payments with its help will underpin the modernization of the national payment system.

The National Bank is currently continuing to study the advantages and risks of the digital tenge, its impact on monetary policy, financial stability, and the market for payment services.

Staff of the Supreme Audit Chamber offered their proposals on the implementation methodology of the new asset.

Back in December 2022, the National Bank of Kazakhstan completed the second phase of trials of the digital tenge platform, which involved real consumers and retail and service enterprises. As of October 2022, more than 3,500 transactions with the token were carried out through the dedicated app.

The digital tenge is slated to enter standard operational mode by the end of 2023.