First Official Transaction Using Kazakh Digital Tenge Takes Place


(MENAFN- Trend News Agency) ASTANA, Kazakhstan, November 15. The first transaction using Kazakhstan's digital tenge was carried out by the Chairman of the National Payment Corporation of Kazakhstan, Binur Zhalenov at the Congress of Financiers of Kazakhstan, Trend reports.

The official launch ceremony of digital tenge was held during a presentation within the framework of the Congress of Financiers of Kazakhstan. The full-scale implementation of the digital tenge is planned to be completed before the end of 2025.

"We have built technology that integrates existing payment cards with the digital tenge platform. This allows you to pay in digital tenge anywhere in the world using Apple Pay, Samsung Pay, etc.," Binur Zhalenov said.

As he noted, this is the world's first debit payment card linked to a Central Bank digital currency account.

"We hope that this experience will be useful for our colleagues abroad. And we are happy to share it," he said.

Kazakhstan has been discussing the idea of creating a digital tenge for years. In 2021, the National Bank of the Republic of Kazakhstan, in close cooperation with financial market participants, the expert community and international partners, implemented a pilot project digital tenge.

In 2022, the National Bank continued to study the benefits and costs of the introduction of the digital tenge, work was carried out to expand the technological functionality of the platform and quantitative economic studies were carried out.

An analysis of the regulatory aspects of the introduction of digital tenge was also carried out, and approaches to the development of the ecosystem were developed.

MENAFN15112023000187011040ID1107427077


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.