Almaty (TDI): The Digital National Bank of Kazakhstan has unveiled plans for a digital version of the country’s currency, the tenge, during the Central Asia Fintech Summit in Almaty.
This digital currency is designed to complement cash and non-cash transactions, offering a seamless platform for payments, transfers, and settlements between individuals and businesses.
The digital tenge aims to enhance e-commerce, government services, and financial technologies, while promoting cashless transactions and greater transparency.
It is expected to improve access to financial services, especially in remote areas, and support innovations like smart contracts for automated financial transactions.
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Binur Zhalenov, an advisor to the National Bank’s chairman, stated that the project is scheduled for full implementation by 2025, with some features, like a pilot version of the digital tenge and single QR codes, already in place.
The platform is ready and operates under the National Payment Corporation, with plans to gradually expand its capabilities and integrate more financial organizations.
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Users will be able to link their digital tenge account to existing banking apps, without the need for additional programs, making the transition smooth for consumers.
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
