Blockchain can become basis of digital tenge

It will be possible to pay in digital tenge without connecting to the Internet. This is one of its main differences from cashless payments, to which we got used to. They are available only when connected to the Internet. The National Bank is set to launch a third form of money in Kazakhstan in a pilot mode by the end of this year. At the same time, research of the most optimal approaches for its introduction continues. According to preliminary data, the infrastructure of the national digital currency will be built on the blockchain technology, which will make it more secure from fraud and more resistant to hacker attacks.

According to the Senior Coordinator for Governmental Relations of the National Association of Blockchain and Data Centers Industry Sergey Putra, if the system is built properly, it will require more money to hack it than the possible benefit. Together, these factors determine the sustainability of the platform created this way. All information in the blockchain is simultaneously stored on various nodes. They constantly check in with each other. If something has changed at least on one of them, the data is considered invalid. It is expected that the use of digital tenge will be available via e-wallets and applications.

Translation by Saniya Sakenova

Editing by Galiya Khassenkhanova