ASTANA, Kazakhstan, September 18. Kazakhstan will introduce a digital tenge by the end of 2025, Trend reports.
This is stated in the status report of the National Bank of Kazakhstan and the National Payment Corporation of Kazakhstan on the implementation of digital currency in the Republic of Kazakhstan "Digital Tenge: implementation plan for the first phase."
Digital tenge will be implemented in three phases. In accordance with the project implementation roadmap, the first phase will be implemented in 2023. Two development directions of the digital tenge platform have been created - experimental-industrial and research (R&D).
As part of the experimental-industrial operation, basic scenarios for using the digital tenge as a means of payment are being implemented, integration with financial market participants and financial infrastructure providers is being carried out. A mechanism for programmable payments using smart contracts is also being introduced. This is to implement the main functionality of the digital tenge and its subsequent operation.
As part of the research, cross-border settlements in digital currencies of central banks are being tested, interaction with participants in the digital asset market is being carried out, and the possibilities of using the digital tenge as a settlement infrastructure for tokenized assets are being considered.
The results of the implementation of the first phase of the project in 2023 will be presented at the Congress of Financiers of Kazakhstan, dedicated to the 30th anniversary of the national currency. A blueprint of the detailed results will be published in December 2023.
The digital tenge is not intended to replace cash or non-cash money, but will be used in parallel.