The National Bank of Kazakhstan has recently published a white paper about their successful completion of the second phase of testing the digital tenge platform. The project was tested with the participation of real consumers and trade and service enterprises, and more than 3,500 transactions with the token have been completed. According to the survey, over 60% of Kazakhstan residents are ready to use digital currency, and the economic study of the introduction of CBDC showed no risks for monetary policy, financial stability, and the economy as a whole. It is expected that the digital tenge will enter normal operation by the end of 2023, after the National Bank of Kazakhstan started to study the possibility of introducing a CBDC in 2020 and reported on the first results of the digital tenge pilot project in December 2021. Moreover, they announced plans to test Binance’s BNB Chain to deploy a national digital currency in October.
The National Bank of Kazakhstan has made great strides in the development and implementation of its digital tenge platform. After testing the platform with real consumers and trade and service enterprises, more than 3,500 transactions with the token have been completed, and the economic study of the introduction of CBDC showed no risks for monetary policy, financial stability, or the economy of Kazakhstan as a whole. Furthermore, the survey revealed that over 60% of Kazakhstan residents are ready to use digital currency, and it is expected that the digital tenge will enter normal operation by the end of 2023. The NBK began to study the possibility of introducing a CBDC in 2020 and reported on the first results of the digital tenge pilot project in December 2021, followed by their announcement of plans to test Binance’s BNB Chain to deploy a national digital currency in October. This is a major milestone for the NBK and the citizens of Kazakhstan, as the development and implementation of a digital tenge will make financial transactions much easier and more secure.