Kazakhstan will discuss the national digital currency

07.05.2021 |

The National Bank of the Republic of Kazakhstan announced the launch of public hearings on the need to launch a project to create a digital national currency.

According to the regulator in the plans to develop a two-tier form of digital tenge with cash and non-cash. The National Bank will provide all necessary infrastructure, and independent retail financial organizations will directly provide payments and transfers.

The main purpose of the digital national currency issue is not to displace the already familiar cash and non-cash methods of payment, but to expand the list of payment methods, which can increase the competitiveness of the Republic of Kazakhstan on the world arena of payment systems. Thus, the regulator intends to strengthen the financial system of the country and increase the confidence of ordinary people in the national currency.

During the hearing it is planned to especially discuss the area of observing the rights of users and increasing the confidentiality of payments and transfers. Therefore, all risks associated with the security of the new system, as well as the potential impact on the monetary policy of the state authorities will be studied before the launch of testing.