Kazakhstan's National Bank Launches Digital Tenge Project

2023-11-16 12:21:50

(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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