BAKU, Azerbaijan, December 17. The testing of the digital platform for Kazakh tenge was completed successfully, The National Bank of Kazakhstan (NBK) said, Trend reports via the NBK.
This was already the second phase of the pilot project, following which the NBK, together with the Center for the Development of Payment and Financial Technologies (CRFT), prepared a report.
The first stage was held from July through December 2021, then a prototype was created, which helped to confirm the viability of the concept. The second stage, which took place from January through December 2022, already included the completion of the prototype and its launch with a limited number of participants. The digital tenge platform was able to confirm that the main business requirements are technically feasible, it was tested by real consumers and trade and service enterprises.
The NBK noted that the digital tenge will increase the availability of financial services, allowing for the possibility of settlements without the Internet connection, new financial products will appear, as well as the efficiency of public spending will increase. In addition, cross-border settlements will be simplified. Consumers have also expressed their willingness to use the official digital currency.
As part of the third stage of the project, from January through December 2023, it is planned to develop the digital tenge for its launch into commercial operation. The fourth stage will last until December 2025 - the range of participants will expand here and the possibility of cross-border operation will be added.
Meanwhile, the Binance BNB Chain network is serving as a platform for digital tenge.