Kazakhstan Explores Issuing Its Own Digital Currency

BUSINESS TURKMENISTAN
Kazakhstan Explores Issuing Its Own Digital Currency
The Kazakh National bank published for public discussion the report on digital tenge as a pilot project. (Photo: bnews.kz)

Kazakhstan plans to introduce a new type of currency – digital tenge, according to the information posted on website of the National Bank of Kazakhstan, the country’s central bank.

On Wednesday, the Kazakh National bank also published for public discussion the report on digital tenge as a pilot project.

The new currency will be issued by the Kazakh National bank and will be available to all economic entities to make payments and settlements, according to the report.

The bank said the digital tenge is not intended to replace cash or non-cash money, but will be used parallelly.

The central bank is presently conducting a comprehensive study of the benefits and risks of digital currencies, the way they are issued and distributed, the technology used, the impact on monetary policy, financial stability and the payment services market.

The Kazakh National bank hopes that the introduction of the digital tenge will reduce the dependence on cash payments.

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