According to the organization’s press service, the National Bank carries out this work together with the financial market participants, expert community and international partners.
As part of the study, the NBRK plans to implement a pilot project on retail digital currency, conduct a series of studies to assess the impact of digital tenge and several sessions with market participants and international partners to discuss the features of digital tenge.
Based on the results of this work, the National Bank will decide on the need to introduce digital tenge with requirements for technological infrastructure and regulation of issues related to the national digital currency, as well as consumer rights protection.
“The digital tenge will become another representation of the NBK's obligation with all the properties and functions of money. It will combine a number of properties of cash and non-cash money, as well as open up new functionalities for business participants and government institutions. The digital tenge is not intended to replace cash or non-cash money, but will coexist as an additional form of money,” the regulator's report says.
The National Bank will be the issuer of the digital tenge. The new type of national currency will be available to all economic entities when making payments and settlements. Digital tenge will be issued in the format of a unique digital sequence, which is recorded in individual electronic wallets and can be transferred between them. The NBRK will also consider other options for the technological implementation of the digital platform.
Photos are from open sources.
