Kazakhstan debuts its central bank digital currency, the digital tenge, in a limited pilot mode. The National Bank of Kazakhstan collaborates with second-tier banks for the rollout, with the first retail transaction conducted by Binur Zhalenov.
The digital tenge’s versatility and integration with payment giants Visa and Mastercard are emphasized. The complete rollout, including offline payments and cross-border trade, is set for conclusion by 2025. Explore the global landscape of CBDCs with a surge in value predicted by 2030.
Kazakhstan has officially unveiled its central bank digital currency (CBDC), the digital tenge, in a limited pilot mode.
The National Bank of Kazakhstan, in collaboration with second-tier banks, initiated the pilot phase, witnessing the first-ever retail transaction conducted by Binur Zhalenov, Chairman of Kazakhstan’s National Payment Corporation.
The digital tenge’s integration with payment giants Visa and Mastercard sets the stage for its retail circulation.
Zhalenov envisions significant platform development in 2023, expanding services and innovative applications. The CBDC’s multifaceted utility, from smart contracts to financial services, positions it for a pivotal role in the financial landscape.
The comprehensive rollout plan aims for offline payments in 2024 and cross-border trade integration by 2025. Globally, the surge in CBDC adoption is evident, with a projected annual value of $213 billion by 2030, marking a substantial shift in the payment landscape.