Kazakhstan's Digital Tenge: Triumph in Pilot, Gears for 2024 Enhancements
The digital tenge, which represents Kazakhstan's pioneering venture into central bank digital currencies (CBDCs), has completed its pilot project, which lasted for a month. This groundbreaking endeavor into digitizing the national currency, which represents a huge shift in the landscape of Kazakhstan's financial technology systems, is an important milestone. The accomplishment of the project serves as a guiding light leading to the possibility of future developments in applications using digital money.
As a testing field for a variety of applications of the digital tenge, the pilot program served as a testing ground. The local Onay card, which was originally developed for payments to the public transportation system, was used for a variety of purposes, including the provision of free meals to kids in Almaty, as well as more complicated financial activities. One of the most important roles that the Kazpost postal system performed in these transactions was that of an intermediary. In addition, four local banks produced plastic cards in collaboration with global payment giants Visa and Mastercard. These cards enabled customers to make purchases both online and in person, as well as withdraw cash from ATMs. This capability went beyond the boundaries of Kazakhstan, demonstrating the digital currency's capacity to be used in a broad variety of contexts.
A further test with the digital tenge includes its use in international payments via SWIFT and the issue of CBDC-backed stablecoins on platforms like as Binance and KASE. Further experiments were also conducted with the digital tenge. In addition, the pilot investigated the domains of gold tokenization and the use of smart contracts for tax collection. Additionally, a
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