and published a white paper. An investigation conducted by the regulator regarding its introduction did not identify any significant risks to the country’s financial stability and economy.
Kazakhstan Monetary Authority reports on progress of Digital Tenge pilot project
National Bank of Kazakhstan (NBK) announces successful completion of second phase of platform testing Did. Its central bank digital currency (CBDC). The results of testing and research on the need for a new version of the national fiat currency Tenge are presented in a white paper published by the regulator.
The first phase of the pilot will be conducted between July and December 2021, and a prototype has been developed to examine the viability of the CBDC concept. Details ofannouncementare quoted by RBC Crypto. The second phase, from January to December 2022, fine-tuned the platform and started trials with financial market players and users.
A study confirmed that Digital Tenge is a viable project, according to the bank. Once implemented, a CBDC could increase the availability of financial services through features such as offline transactions and the ability to offer new products and services. A survey of consumers showed that the majority use coins.
NBK adds participants and launches new services in next phase of CBDC project
Phase 3 of digital national currency implementation begins in January, 2023 continues until We present a solution for commercial use. In the fourth phase, scheduled to end in December 2025, NBK will invite more participants and launch additional services.
In October, Binance founder and CEO Changpeng Zhao announced on his Twitter that NBK plans to use his Bnb chain to roll out digital tenge. Did. The world’s largest crypto trading platform has been licensed by the country’s financial hub, the Astana International Financial Center (AIFC), to operate as a provider of digital asset exchange and custody services.
Authorities in Kazakhstan, which has become a major mining hub since China cracked down on the industry in 2021, are working to more comprehensively regulate crypto-related activity. Majilis, the lower house of parliament, has passed a bill dedicated to dealing with crypto trading and taxation, in addition to mining.
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