The Central Bank of Kazakhstan started to develop and implement digital tenge
The Central Bank of Kazakhstan has changed its status of an observer of the digital currency pilot projects (CBDC) in China, Canada and the European Union to an active developer of its own digital tenge project. The National Bank is preparing a detailed report on this issue, which will be released in the second half of 2021.
By that time Kazakhstan will have fully decided on the technological infrastructure and the necessary changes in the country’s legislation to launch the CBDC.
According to the press service of the financial regulator, the blocks and principles of regulation of sovereign crypt currency will be harmonized with the general international approach in this area, developed under the auspices of the Bank for International Settlements and the IMF. This will allow embedding tenge in the world digital system of cross-border transactions and exchanges as soon as it appears with the help of G-20 efforts.
Participants in the recent G-20 Summit agreed on the need to develop international regulation of the CBDC. Kazakhstan plans to create a crypt currency before agreeing on the first such legislative projects.
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