Electronic national currency ready to be unveiled between 2023-2025
The National Bank of Kazakhstan (NBK) reported on a successful testing of it’s national e-currency (digital tenge) platform. Joint findings on phase two pilot were published together with the Center for Development of Payment and Financial Technologies.
The first phase of the pilot program ran from July to December of 2021, leading to the development of the proof of concept. The second phase, January to December 2022, focused on further development and implementation among limited participants.
As a result, the NBK confirmed technological feasibility of digital tenge business requirements. The users have successfully tested the platform with real consumers and companies.
E-tenge is expected to improve access to financial services, as it does not require Internet connection, provide new possibilities for creating innovative financial instruments, optimise government expenses, and lower international transfer costs.
The research has ruled out risks linked to national monetary policy, financial stability and economy as a whole. Also, the survey among its citizens has revealed the readiness to adopt the digital national currency within the society.
During the next year the third phase will aim at implementing e-tenge commercially. And throughout the end of 2025 the final phase will culminate in adding new participants to the platform, creating new services and transborder integration.
At the end of October Kazakhstan announced plans to launch its digital currency on BNB Chain. According to Zhao, Binance CEO, the exchange is getting ready to integrate e-tenge into its system.