- In January, the regulator said the CBDC pilot will start by the end of 2023.
- The agency is still assessing the benefits and risks of introducing such a means of mutual settlements.
The Central Bank of Kazakhstan made a presentation on the project of implementing a digital tenge for the Supreme Audit Chamber of Kazakhstan. The regulator emphasized that the new payment instrument will not be a substitute for fiat.
According to the Central Bank’s statement, the aim of the project is to adapt the country’s financial field to “new challenges”. The introduction of the digital tenge will allow to continue the development of the national payment system, taking into account its advantages.
At the same time, the digital tenge will not replace cash or electronic money, it should be perceived as a third form of national currency.. At the same time, the owner will be able to “easily and quickly” exchange the funds for regular money, the Central Bank emphasized.
In the course of the presentation, members of the Supreme Audit Chamber made a number of proposals. It is possible that the agency will take part in a further assessment of the risks and benefits of the introduction of the central bank’s digital currency (CBDC).
Remember, the regulator presented the draft digital tenge in May 2021. In December 2022, the agency reported the successful completion of the second phase of CBDC testing.