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Kazakhstan central bank opens consultation on digital currency issuance

Source: National Bank of the Republic of Kazakhstan

The national digital currency is a prospective form of money, which is an obligation of the National Bank of the Republic of Kazakhstan and is presented in digital form.

The digital tenge will be a legal means of payment, a value measure, and a means of saving. To implement the platform, a two-tier architecture is planned, in which financial market participants will provide payment services, and the National Bank will provide infrastructure.

To make a decision on the issue of the digital tenge, it is necessary to conduct a comprehensive study of the advantages and risks with the definition of the tasks solved by the digital currency, the way of its issuance and distribution, the technology used, the impact on monetary policy, financial stability and the payment ecosystem.

The National Bank of the Republic of Kazakhstan plans to carry out this work together with financial market participants, expert community, and international partners.

In May 2021, the research report of the National Bank of Kazakhstan was published for public discussion.

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