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Three banks in Kazakhstan joined Digital Tenge project
In Kazakhstan, 3 second-tier banks have joined the Digital Tenge pilot aimed to create and implement the digital currency.
The National Bank of Kazakhstan held a regular meeting with financial market participants to discuss the progress of the Digital Tenge pilot.
The discussion was attended by representatives of the Association of Financiers of Kazakhstan, second-tier banks, and international experts.
“Given the widespread development of technology and payment systems, digital tenge has the potential to become a new component of the payment infrastructure in addition to existing cash and non-cash payment instruments. The introduction of digital tenge will boost competition in the payment services market, fuel the development of financial technologies, and improve the financial inclusion in the regions,” the National Bank of Kazakhstan said in a statement.
The discussion covered the issues of the impact of digital currency on financial stability, convenience of payments for consumers, as well as solutions to reduce risks.
Financial market participants proposed surveys and interviews that would help to find practical solutions meeting the interests of all stakeholders. The pilot project is open to each and all market participants.
“The National Bank of Kazakhstan plans to continue discussions of the project results with financial market participants and the public and publish the results of the discussion,” the National Bank concluded.