Astana, Kazakhstan, August 15. The digital tenge idea was presented to the Supreme Audit Chamber of the Republic by representatives of the Kazakhstan National Bank. According to the press office of Kazakhstan's Supreme Audit Chamber, the ceremony was attended by JSC "Center for the Development of Payment and Financial Technologies of the National Bank" Chairman Binur Zhalenov and Deputy Chairman of the National Bank Berik Sholpankulov, Trend reports.
The presentation described the current stage of testing the digital tenge and how it differs from conventional cashless payments through banking applications. The main goal of the project is to modernize and develop Kazakhstan’s national payment system and adapt it to the new challenges of the external environment.
"Rather than replacing currency or other forms of payment, the digital tenge will work alongside them. The adoption of digital money will assure the growth of the country's payment infrastructure, as well as technological advancements including the capacity to accept payments without an Internet connection. It will be regarded as a third type of national currency, have the same exchange rate as the tenge, and can be converted into cash or non-monetary assets with ease", Zhalenov said.
Meanwhile, Kazakhstan’s National Bank is actively weighing in the pros and cons of digital currency, as well as its impact on monetary policy, financial stability, and the payment services market.