Kazakhstan approaches the introduction of its cryptocurrency issued by the Central Bank

The Supreme Audit Council of the Republic of Kazakhstan recently informed about the Digital Ting Initiative (CBDC) launched by the National Bank of the Republic of Kazakhstan with a view to publicizing the project’s objectives and its potential impact on the country’s payment system.

During the session, the National Bank’s Vice-Chairman, Berik Shulbenkulov, and the head of the National Bank’s “Centre for the Development of Payments and Financial Technologies”, Pinor Zalinov, delved into the digital ting testing stages and highlighted the differences between it and traditional non-monetary banking applications.

According to the report published on the official website of the Government of Kazakhstan, the overall objective of the project is to modernize and further develop Kazakhstan’s national payment system, ensuring its flexibility and enhancing its ability to meet emerging external challenges.

Zalinov also emphasized that the proposed digital currency was not designed to phase out cash or electronic money, but would work alongside other forms of money in the country.

A prominent feature of digital ting is its ability to facilitate payments without having to connect to the Internet. As the third form of the national currency, digital ting will have a similar legal status to its counterparts, will bear the same value, and Kazakhstan’s citizens will be able to exchange it for cash or electronic funds smoothly.

The National Bank is currently conducting a comprehensive analysis of the proposed digital currency to understand its potential benefits and risks, as well as its implications for monetary policy, financial stability and the broader payment services landscape.

In conclusion, the report noted that the organizers had taken into account the comments and suggestions of the staff of the Supreme Audit Chamber, with a view to formulating an appropriate methodology for the introduction of digital currency.