The National Bank of Kazakhstan (NBK) has successfully conducted the second phase of testing of the digital tenge platform. Following its results, a white paper was published explaining the need for the introduction of CBDC.
Real consumers and trade and service enterprises took part in testing the digital tenge. As of October 2022, it was possible to implement more than 3,500 transactions with the token. Users sent funds through a special application.
"The introduction of the digital tenge will increase the availability of financial services due to the possibility of settlements without Internet access, will open up new opportunities for creating innovative financial products, increase the efficiency of public spending, and also reduce costs in cross-border settlements," the regulator's report says.
According to the survey, more than 60% of Kazakhstan residents are ready to use digital currency.
The economic study of the CBDC implementation showed the absence of risks for monetary policy, financial stability and the economy of Kazakhstan as a whole.
It is expected that the digital tenge will enter the regular operation mode by the end of 2023.
In October, the National Bank of Kazakhstan announced plans to test the BNB Chain from Binance to deploy the national digital currency.
