The Supreme Audit Chamber of Kazakhstan held a presentation of the digital tenge and spoke about the advantages of the third form of the national currency.
The presentation was attended by Berik Sholpankulov, Chairman of the National Bank, and Binur Zhalenov, Chairman of the National Bank’s Payment and Financial Technologies Development Center JSC.
They talked about the process of testing the digital tenge, and how this currency will differ from conventional cashless payments via banking apps.
Zhalenov said that the digital tenge should not replace cash or non-cash money, but will be used in parallel:
“The introduction of digital currency will ensure further development of Kazakhstan’s national payment system due to a number of unique technological characteristics, such as the ability to pay without the Internet,” the chamber’s press service said.
Now the authorities are conducting a study of the benefits and risks of digital currency, as well as its impact on monetary policy, financial stability and the market of payment services.
In February, the National Bank of Kazakhstan launched a pilot project on the use of the digital tenge.
The country’s authorities and regulators hope the national digital currency will help integrate banks and DeFi.
Russia passed a law on the digital ruble in August. However, about half of citizens are not going to use it.