Kazakhstan Ready To Share Digital Currency Expertise With Azerbaijan - National Payment Corporation (Exclusive)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 22. Kazakhstan is readyto share its experience on the introduction of digital currencywith Azerbaijan, Chairman of the Board of the National PaymentCorporation of Kazakhstan Binur Zhalenov told Trend on the margins ofthe Fintex Summit in Baku.

"As far as I'm aware, no conclusive decision has been reachedregarding the digital manat. However, we're eager to exchange ourexpertise with our counterparts. Once a decision is reachedregarding the implementation of the digital manat, we'll beprepared to share our insights, which will not only fostercross-border settlements between our nations but also enhancecooperation," he said.

The chairman suggests that the presence of digital currencies inboth countries will aid in lowering transaction costs.

"Should there be a digital manat and digital tenge, the velocityand expense of transactions between our nations may see a potentialdecrease," remarked Zhalenov.

Additionally, he highlighted the collaborative efforts betweenregulators in both countries.

"We consistently engage in fruitful collaboration with ourcounterparts at the Central Bank of Azerbaijan. They are a highlyproficient regulatory body," stated the chairman of the NationalPayment Corporation.

To note, the digital tenge project underwent a pre-launch phasein 2021 to assess its feasibility. Subsequent research and testingwith real consumers and businesses continued throughout 2022.

On November 15, 2023, the initial phase of implementing thedigital tenge platform within the industrial circuit commenced with the Almaty city's administration and Kazpostpostal service company, a pilot project introducing "digitalvouchers" for complimentary meals in schools was initiated, in conjunction with international payment systems andfour second-tier banks, the world witnessed the debut of bank cardsconnected to a digital account in the central bank's digitalcurrency. This innovative development enables citizens to utilize,withdraw, and conduct transactions worldwide, all within a familiaruser interface.

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