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Astana, Kazakhstan • 17 August, 2023 | 11:54

Digital Tenge Will Serve as Third Form of National Currency

The digital currency will operate in parallel with cash or non-cash transactions

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Collage by QazMonitor
Collage by QazMonitor

The National Bank presented the digital tenge project and its developments to the staff of the Supreme Audit Chamber, QazMonitor reports citing the chamber’s press service.

The digital tenge project was presented by Berik Sholpankulov, the Deputy Governor of the National Bank, and Binur Zhalenov, the CEO of Payment and Financial Technologies Development Center. They outlined the project's testing process and highlighted how it differs from conventional cashless payments made through banking applications.

Zhalenov said that digital currency is not intended to replace cash or non-cash items. Rather, it will operate in parallel with them. Additionally, the project aims to establish the digital tenge as a third form of national currency, enhancing and adapting the national payment system to external challenges. It will also have the capacity to process payments without requiring internet access.

The digital tenge will hold the status of legal tender, with its value equivalent to the tenge exchange rate, and it will be easily convertible into physical cash or non-cash funds.

Currently, the National Bank is conducting a comprehensive study to assess the advantages and risks associated with digital currency; its potential impact on monetary policy, financial stability, and the payment services market.

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