Kazakhstan establishes regulatory agency to implement CBDC


18 Sep 2023 8:30 AM

The new body will also oversee the national payment system, including interbank clearing services, money transfers and digital identification....

  • The National Bank of the Republic of Kazakhstan (NBK) has established the National Payment Corporation (NPC) to lead the development and implementation of the central bank digital currency (CBDC), digital tenge.
  • The NPC will oversee the national payment system, interbank clearing services, money transfers, and digital identification.
  • The development of the digital tenge started in February 2023, with an implementation deadline set for 2025.
  • The CBDC pilot in Kazakhstan is currently in a pilot phase, with Binance as one of the principal partners providing technical support.
  • Binance has also launched a regulated digital asset platform in Kazakhstan in partnership with Freedom Finance Bank.

The sentiment of the article is generally positive, as it highlights the establishment of the National Payment Corporation and the progress made in the development of the digital tenge. The involvement of Binance as a partner also suggests a positive outlook for the project.

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You May Ask

What is the purpose of the National Payment Corporation?When did the development of the digital tenge start, and when is the implementation deadline?What is the current phase of the CBDC pilot in Kazakhstan?Who is one of the principal partners supporting the CBDC pilot?What other initiative has Binance launched in Kazakhstan?

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