The National Bank of Kazakhstan published a report on the results of the first phase of the pilot project for the deployment of the digital tenge.<\/p>\n
The regulator tested the technical feasibility of a blockchain platform, as well as various uses of the CBDC, including issuance, purchases and transfers.<\/p>\n
According to the document, the asset will be stored in a user’s digital wallet. It will enable users to conceal transaction details from settlement participants and to conduct transactions without internet access.<\/p>\n
The digital tenge is expected to spur fintech adoption, foster innovation in the payments industry and enhance the competitiveness of Kazakhstan’s financial sector internationally.<\/p>\n
A decision on deploying the new asset is expected next year.<\/p>\n
In 2020, the idea of a digital tenge in Kazakhstan was proposed. At that time the central bank began studying the possibilities for CBDC<\/a>.<\/p>\n In May 2021, the head of the National Bank Yerbolat Dosaev announced<\/a> the launch of a pilot project to deploy the asset in the second half of the year.<\/p>\n \u00a0 Report on the results of the pilot project for the digital tenge<\/a> by ForkLog<\/a> on Scribd<\/p>\n