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The Central Bank of Kazakhstan has completed the second phase of testing its digital currency and published the Whitepaper. The studies carried out by the regulator on its implementation did not reveal significant risks for the country’s financial stability and economy.

The Monetary Authority of Kazakhstan reports on the progress of the digital Tenge pilot project

The National Bank of Kazakhstan (NBK) has announced the successful completion of the second phase of testing its central bank digital currency (CBDC) platform. The results of the tests and a study on the need for a new version of the national tenge were presented in a whitepaper published by the regulator.

The first pilot phase was carried out between July and December 2021, when a prototype was developed to study the viability of the CBDC concept, the detailed statement quoted by RBC Crypto. In the second phase, between January and December 2022, the platform was refined and tests started with financial market players and users.

According to the bank, the research confirmed that the digital tenge is a feasible project. Once implemented, CBDC can increase access to financial services, including through a feature that allows offline transactions, as well as offering new products and services. A survey of consumers showed that the majority would use the coin.

NBK to add participants, launch new services in next phase of CBDC project

The third phase of the implementation of the national digital currency will begin in January and continue into 2023. The developers plan to introduce a solution for commercial use next year. During the fourth phase, which is expected to be completed in December 2025, NBK will invite more participants and launch additional services.

In October, Binance founder and CEO Changpeng Zhao announced on Twitter that NBK plans to use the Bnb network to host the digital tenge. The world’s largest crypto trading platform has been granted a license to operate as a digital asset exchange and custody service provider from the Astana International Financial Center (AIFC), the country’s financial hub.

Authorities in Kazakhstan, which has become a major mining hub since China cracked down on the industry in 2021, have also been working to more comprehensively regulate crypto-related activities. In early December, the lower house of parliament, the Mazhilis, passed a special bill that, in addition to mining, deals with crypto trading and taxation.

Tags in this story

CBDC, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, Digital Tenge, Kazakhstan, Kazakhstani Tenge, National Bank of Kazakhstan, NBK, Pilot Project, Tenge, Trial, Trials, White Paper

What future do you see for cryptocurrencies after the launch of digital tenge in Kazakhstan? Share your thoughts in the comments section below.

Lubomir Tasev

Lubomir Tasev is a tech-savvy Eastern European journalist who likes the Hitchens quote. “Being a writer is what I am, not what I do.” Apart from crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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