Discover Qazaqstan via News and Inspiring Stories
QazMonitor Logo
Facebook Qazmonitor iconInstagram Qazmonitor iconTiktok Qazmonitor iconTwitter Qazmonitor iconTelegram Qazmonitor iconYoutube Qazmonitor icon
  1. Main Page
  2. News
  3. Digital Tenge Enters Internal Testing Phase
Astana, Kazakhstan • 27 October, 2022 | 16:25

Digital Tenge Enters Internal Testing Phase

It will be more secure than traditional non-cash payment, says National Bank

QazMonitor Logo
www.dknews.kz
www.dknews.kz

National Bank has entered the internal testing stage of the digital tenge, QazMonitor reports.

Chair of the National Bank Galymzhan Pirmatov, in a press briefing, said the bank started the low-level implementation of the digital currency through transactions with second-tier banks. So far, the bank conducted several of the transactions offline.

“In accordance with our plan, we will propose the head of the state options for the digital tenge by the end of the year. It will be clear how much time will be needed to fully implement the digital currency after the President’s decision," said Pirmatov.

He drew attention to the level of security the digital tenge will provide after its implementation.

We consider many factors in our work, among which are anonymity and cybersecurity. This includes the question of how the introduction of digital tenge will affect the business model in the financial and real sectors of the economy. In general, citizens will have more anonymity than in the case of traditional non-cash payments.

Galymzhan Pirmatov, chair of the National Bank

The chairman assured that the National Bank also closely monitors the issue of money laundering and the financing of terrorism. Pirmatov said that their project will take into account these risks and, as such, won’t provide complete anonymity.

Earlier, QazMonitor covered the issue of the Digital Tenge and its potential benefits to users.

Only 30% of an article published on The Qazaqstan Monitor website may be used with a mandatory hyperlink provided to indicate the original source. To re-publish the full article, written permission from the editorial is required.