National Bank of Kazakhstan develops digital tenge

The National Bank of Kazakhstan is developing its digital currency. However, digital tenge will not replace the banknotes that everyone has already gotten used to. The idea is that it will be used at the same time. The scheme for introducing the new payment mechanism is still under discussion. And if the project comes to fruition, then this kind of currency will become an additional form of money that can also be cashed out. Digital tenge will be available for both entrepreneurs and private individuals. One of its advantages is that any payments can be made without an Internet connection. Only the National Bank of Kazakhstan will have the right to launch digital tenge into circulation. The financial regulator asks not to confuse the project with the cryptocurrency. Despite similar technological approaches, it is wrong to attribute a new form of national currency to this category of payment systems.

Translation by Assem Zhanmukhanova

Editing by Galiya Khassenkhanova