At this week’s Central Asia Fintech Summit in Almaty, the Digital National Bank of Kazakhstan presented its vision for a digital version of the country’s currency, the tenge.
The digital tenge is an electronic version of Kazakhstan’s national currency issued by the National Bank. It is designed to complement cash and non-cash forms of money by making financial services available in digital format. Digital tenge can be used for instant payments and transfers, settlements between individuals and businesses, and payment for goods and services through mobile banking applications.
This currency is particularly useful in e-commerce, government services, financial technologies, and cashless settlements. It also supports the development of smart contracts, allowing for the automation of financial transactions. The introduction of the digital tenge promotes transparency in financial transactions and improves access to financial services in remote and rural areas.
Advisor to the Chairman of the National Bank, Binur Zhalenov, said that the project is planned to be completed within five years. Some components, such as the digital tenge and a single QR in pilot mode, are already being implemented.
Full implementation of the digital tenge, including the connection of all second-tier banks, is expected by 2025. Zhalenov noted that the platform is ready and operates based on the National Payment Corporation. In the coming years, it is planned to actively connect financial organizations and expand the digital tenge’s capabilities.
Last year, Zhalenov explained that using the digital tenge will require an existing banking app for one of the project participants. Thus, users will be able to link a digital tenge account to their current payment card without the need to install additional programs.
