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The Central Bank Digital Currency (CBDC) of the National Bank of Kazakhstan has been officially initiated in a testing phase. Over the course of a month, various applications for the digital tenge were effectively trialed, ranging from cards for retail transactions to the issuance of tokenized assets.
The pilot initiative for Kazakhstan’s CBDC has progressed to a new developmental phase. The digital tenge, with its first official transaction occurring on November 15, has seen extensive utilization within a month.
Tests of the digital tenge encompassed international transactions via SWIFT and the issuance of CBDC-backed stablecoins on the Binance and KASE platforms. The digital tenge was also employed for gold tokenization, tax payments, and in the testing of a play-to-earn application.
Kazpost, the national postal service operator, enabled students in Almaty to use Onay transit cards to pay for their lunches with the digital tenge. Four Kazakh banks issued Visa and Mastercard cards specifically designed for the CBDC. These cards facilitated online and in-store purchases through QR code scanning and allowed cash withdrawals from ATMs.
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The National Bank of Kazakhstan (NBK) and the National Payments Corporation (NPC), which was established in September to oversee CBDCs, announced intentions to broaden the digital tenge pilot project in 2024. Key objectives for the regulators include:
- expanding the number of intermediary banks;
- advancing DeFi applications;
- enhancing the system for offline transactions using CBDCs;
- engaging in international payment systems;
- boosting the security of the digital tenge and the efficiency of transaction processing;
- establishing a legal and regulatory framework for the digital tenge.
Binur Zhalenov, CEO of the NPC, highlighted that the government has no intentions of utilizing the digital tenge for surveillance or controlling its citizens. He stated that the introduction of CBDCs in Kazakhstan aims to influence the future of digital transactions within the nation.
The National Bank of Kazakhstan has become one of the observers of Project mBridge, which developed a prototype platform for cross-border payments utilizing central bank digital currencies (CBDC).
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