Kazakhstan’s digital tenge achieves success in CBDC pilot, demonstrating versatility from school lunches to cross-border payments. With ambitious goals for 2024, including expanded intermediary banks and enhanced security, the digital tenge emerges as a trailblazer in the evolving landscape of central bank digital currencies.
Kazakhstan Records Massive CBDC Test Success
In a month-long pilot, Kazakhstan’s CBDC, the digital tenge, showcased versatility by facilitating transactions, including providing schoolchildren with free lunches.
Kazpost played a crucial role as an intermediary, utilizing plastic cards issued by local banks, Visa, and Mastercard.
Interoperability achievements, such as integration into point-of-sale and QR systems, marked a notable success for the digital tenge.
The Digital Tenge and Plans for 2024
Looking ahead to 2024, the National Bank of Kazakhstan and NPCK outline ambitious goals.
Expansion of intermediary banks, development of decentralized finance applications, and a focus on offline transactions aim to enhance financial inclusion.
Participation in cross-border payment projects and regulatory objectives underscore Kazakhstan’s active role in the international CBDC landscape.