Kazakhstan central bank reports results of digital tenge pilot

The National Bank of Kazakhstan published a report on the results of the first phase of the pilot project for the deployment of the digital tenge.

The regulator tested the technical feasibility of a blockchain platform, as well as various uses of the CBDC, including issuance, purchases and transfers.

According to the document, the asset will be stored in a user’s digital wallet. It will enable users to conceal transaction details from settlement participants and to conduct transactions without internet access.

The digital tenge is expected to spur fintech adoption, foster innovation in the payments industry and enhance the competitiveness of Kazakhstan’s financial sector internationally.

A decision on deploying the new asset is expected next year.

In 2020, the idea of a digital tenge in Kazakhstan was proposed. At that time the central bank began studying the possibilities for CBDC.

In May 2021, the head of the National Bank Yerbolat Dosaev announced the launch of a pilot project to deploy the asset in the second half of the year.

  Report on the results of the pilot project for the digital tenge by ForkLog on Scribd

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