First Transaction with Digital Tenge
In a historic moment for Kazakhstan, Binur Zhalenov, the chairman of the National Payment Corporation (NPC), made the inaugural transaction using the country’s new central bank digital currency (CBDC), the digital tenge. The event unfolded on November 15 at the XI Congress of Finance in Almaty, where Zhalenov demonstrated the usage of a debit card linked to the digital tenge account. A modern twist on an age-old tradition of exchanging money, right?
Official Launch and Future Prospects
The digital tenge’s debut on Kazakhstan’s retail market marks an exciting development. Zhalenov assured attendees that further advancements are on the horizon, stating that 2024 will see substantial growth in the platform. With partnerships with renowned entities like Visa and Mastercard in place, the digital tenge is set to create waves—enabling users to make payments globally via familiar systems like Apple Pay and Samsung Pay. Talk about modern convenience!
Programmable Potential of the Digital Tenge
Zhalenov didn’t stop at just talking about payments. He emphasized the innovative features of the digital tenge, alluding to its programmability. This opens doors for its application in smart contracts and digital asset transactions. It’s like giving money a brain! He mentioned that the development focus in 2024 will pivot towards offline payments, and there are ambitions for the currency to play a significant role in cross-border trade by 2025. Can we get a round of applause for that vision?
Timeline of CBDC Development
The journey of the digital tenge began way back in February 2023, with an initial goal to roll out by 2025. To spearhead this initiative, the NPC was established in September, and since then, it has been full steam ahead. You’d better believe that a lot has happened in just a few months—talk about efficiency!
Crypto Regulations in Parallel
As the digital tenge makes its entrance, scrutiny over the crypto market has ramped up significantly. Reports have emerged indicating difficulties in accessing major international crypto exchanges like Coinbase and Kraken without a local license. Kazakh authorities are certainly keeping their eyes peeled! Additionally, local crypto miners have voiced their concerns regarding new tax rates affecting their operations. Just when you think it couldn’t get more complicated, right?
