Kazakhstan launches digital tenge
Economy
According to the chairman of the National Payment Corporation of Kazakhstan Binur Zhalenov, the country has created a technology that combines existing payment cards with a digital tenge platform.
Within the XI Congress of Financiers of Kazakhstan in Almaty, a ceremony of launching the digital tenge was held. Binur Zhalenov, chairman of the National Payment Corporation, made the first purchase with a digital tenge card during the presentation of the project. This is reported on the website of the National Bank of the country.
"I note that this implementation is the world's first debit payment card linked to an account in the digital currency of the central bank," - said Zhalenov at the ceremony.
A digital tenge platform involving second-tier banks and their customers was launched in pilot mode. The platform architecture allows bank customers to use digital tenge by opening a digital account in the mobile application of the servicing bank.
By combining the existing advantages of cash and non-cash forms, the digital tenge opens up new opportunities for targeted social payments, increases the efficiency of government procurement, optimises cross-border payments and creates programmable payments. The three-phase implementation of the digital currency is expected to be completed by the end of 2025.
"I note that this implementation is the world's first debit payment card linked to an account in the digital currency of the central bank," - said Zhalenov at the ceremony.
A digital tenge platform involving second-tier banks and their customers was launched in pilot mode. The platform architecture allows bank customers to use digital tenge by opening a digital account in the mobile application of the servicing bank.
By combining the existing advantages of cash and non-cash forms, the digital tenge opens up new opportunities for targeted social payments, increases the efficiency of government procurement, optimises cross-border payments and creates programmable payments. The three-phase implementation of the digital currency is expected to be completed by the end of 2025.
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