Kazakhstan introduces digital tenge: revolution in central banking!

Kazakhstan Introduces Digital Tenge – Central Bank Digital Currency

In the latest news from Kazakhstan, there is information about the introduction of the digital tenge, which is the Central Bank Digital Currency (CBDC). This project is reinforced by innovative payment solutions and cooperation with leading banks in the country.

Modern Services Related to Digital Tenge for Over 20 Million Inhabitants

Just 6 months after the launch of the digital tenge, over 10 innovative card services related to CBDC are available. This is a huge benefit for over 20 million inhabitants of Kazakhstan.

Bank Participation and Rapid Development of Digital Payment Systems

Altyn Bank, Eurasian Bank, and Halyk Bank have joined the CBDC project, using the Way4 digital payment system, which has allowed them to acquire 72% of early digital tenge card users.

Versatile Benefits for Bank Customers in Kazakhstan

Bank customers in Kazakhstan now have the opportunity to apply for virtual and plastic CBDC cards that can be used in both physical and online stores worldwide, using Visa and Mastercard networks. Additionally, they can withdraw cash from ATMs, use popular mobile payments such as Google Pay, Apple Pay, and Samsung Pay, as well as monitor card balances and transaction history through mobile banking. These are just some of the many services available to digital tenge holders.

The Objective of the Digital Tenge Project and Future Perspectives

The Digital Tenge project aims to expand cross-border trade, introduce innovative social and anti-corruption initiatives, and enable integration between CBDC and government-independent DeFi platforms. This is an important step for Kazakhstan in strengthening its position on the international economic stage.

Technological Infrastructure Supporting the Digital Tenge

The Way4 system, powering the CBDC environment in Kazakhstan, provides innovative solutions for issuing and accepting cards for digital tenge system participants, including entities like Kazakh Payment Corporation, Altyn Bank, Eurasian Bank, Halyk Bank, and the national post Kazpost.

Corda Platform and Future Prospects

To enable the issuance and redemption of digital tenge, the Kazakh payment regulator chose the Corda platform by R3. This further confirms the advanced technologies supporting the economic development of Kazakhstan.

By implementing such innovative solutions, Kazakhstan is not only improving its payment infrastructure but also shaping its future as a dynamically growing player on the international economic scene.