Kazakhstan Sets Up National Payment Corporation To Lead CBDC Efforts
The National Bank of Kazakhstan (NBK) has unveiled the National Payment Corporation (NPC), a body charged with the implementation of digital financial infrastructure and the digital tenge.
According to an official press release on Sept 15, the NPC will oversee efforts at rolling out the county’s Central Bank Digital Currency (CBDC) digital tenge.
The new body is a reorganization of the Kazakhstan Center for Interbank Settlements and will also supervise the National Payment Systems, Digital identifications, Interbank money clearing and transfers.
“The National Bank of Kazakhstan (NBK) informs about the creation of the National Payment Corporation (hereinafter referred to as the Corporation, NPK JSC) through the reorganization of the RSE “Kazakhstan Center for Interbank Settlements” (KISC).”
Per the release, the restructuring is billed to scale the efficiency, and security of the country’s payment architecture and develop digital infrastructure services to incorporate new possibilities.
Kazakhstan launched efforts towards its CBDC in February with a planned introduction before 2025, a move characterized as highly achievable among many quarters.
At the time, the NBK cited a need to strike a synergy between traditional and decentralized finance (DeFi), financial inclusion among several demographic and industries, and global payments.
The country has kicked off pilots with selected merchants and consumers in partnership with Binance. Binance recently announced investments in the country including opening a digital asset exchange in the country and partnerships with local banks.
Last year, Kazakhstan was hailed for becoming a huge digital asset hub in Central Asia after the country recorded increasing adoption in crypto users and
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