Kazakhstan Forms Regulatory Agency For CBDC Implementation
The National Bank of Kazakhstan (NBK) has established a separate entity to lead the implementation of the country's CBDC, the...
- The National Bank of Kazakhstan (NBK) has established a separate entity, the National Payment Corporation (NPC), to oversee the implementation of the country's central bank digital currency (CBDC), the digital tenge.
- The NPC will manage the national payment system, including interbank clearance services, money transfers, and digital identification.
- The NPC will also be responsible for creating the "digital financial infrastructure" required for the implementation of the digital tenge.
- The digital tenge was created in February 2023, with a planned launch date of 2025.
- The CBDC prototype in Kazakhstan is currently in the controlled environment pilot phase, with Binance, the world's largest cryptocurrency exchange, being one of the primary collaborators.
- Binance's technical solution, BNB Chain, is aiding the pilot.
- Binance has also partnered with the local Freedom Finance Bank to introduce a regulated digital asset platform in Kazakhstan.
The article presents a positive outlook on the establishment and implementation of the digital tenge in Kazakhstan, highlighting the potential benefits of collaboration between traditional finance and decentralized finance (DeFi) for financial inclusion and international trade.