(MENAFN- AzerNews) Kazakhstan's National Bank has launched the digital tenge
project, Azernews reports, citing Interfax.
At the 11th Congress of Financiers in Almaty, Binur Zhalenov,
CEO of the National Bank's National Payment Corporation, conducted
the first-ever digital tenge transaction, in which he bought a cup
of coffee.
"This digital currency, alongside physical cash and non-cash
forms, represents the third official currency option in Kazakhstan.
The digital tenge offers the convenience of offline transactions,
similar to physical currency. It can be used through existing
banking apps and the broader financial infrastructure," Zhalenov
said.
"The security of digital tenge, backed by the state's obligation
through the National Bank, ensuring the safety of personal and
business funds held in the national currency," he said.
Kazakh President Kassym-Jomart Tokayev in 2021 gave his backing
to the idea of a digital tenge for the future financial system.
The introduction of the digital tenge is planned in three
phases, with completion expected by the end of 2025. The first
phase is launching this year in partnership with financial market
participants. It will complement physical and non-cash currencies,
advancing the National Payment System and reducing cash
dependence.
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