BAKU, Azerbaijan, April 21. The technologies introduced within the Digital Tenge project in Kazakhstan are used in digital currency projects of central banks in China, Sweden, Singapore and Canada, the Kazakh National Bank told Trend.
According to the bank, the pilot project for the introduction of digital tenge has been implemented using a hybrid approach to the organization of technological architecture, involving elements of distributed registry technology (DLT technologies) and centralized registries.
"This approach provides a potential cost reduction and the ability to create innovative services on the platform, and meets the requirements for high throughput and transaction processing speed," the bank said. “Similar approaches are used in digital currency projects of central banks in China, Sweden, Singapore, Canada and other countries.”
Besides, the bank noted that the chosen approach has allowed implement token-based (tokenized) emission of digital tenge, in which the issued tokens are stored on user devices and in digital wallets.
"Thanks to this, the functionality of issuing special-purpose tokens, chains of cashless transactions without internet access, custom anonymity and other technological advantages have become available on the digital tenge platform," concluded the bank.