Car and Real Estate Sellers in Kazakhstan to Receive Payment Only After Buyer Rights Registered
Kazakhstan is preparing to introduce a new payment system for vehicle and real estate transactions, in which funds deposited via banks will be temporarily blocked until ownership rights are officially registered in the buyer’s name.
The initiative, known as the “Safe Transaction” system, is being developed jointly by the Ministry of Internal Affairs and the Ministry of Artificial Intelligence and Digital Development. A pilot launch is expected soon, with a full-scale rollout planned for April next year.
The system was discussed during the first meeting of the working group on the integration of the digital tenge into public finance operations. The digital tenge (national currency) refers to marked digital budget funds designated for specific contractual purposes. These funds cannot be converted into cash or conventional non-cash forms and are unblocked only after work or services are completed and verified or once contract terms are fully met. The mechanism aims to automate oversight of targeted budget spending and mitigate embezzlement risks.
Pilot projects involving digital tenge have already revealed several technical challenges. For example, in the road construction sector, the absence of a unified methodology for standardizing goods, services, and materials complicates implementation. Additional requirements include digitizing design and estimate documentation, integrating the platform with verified supplier databases, and introducing transaction verification protocols and cost reconciliation tools.
Binur Zhalenov, advisor to the chairman of the National Bank, noted that the pilot phase exposed significant discrepancies in pricing for some materials and services, which require industry-specific evaluation to assess properly.
The digital tenge is technically prepared for certain types of public procurement and is expected to improve transparency in financial transactions. Authorities anticipate that it will enhance budget revenue collection, reduce tax-related risks, and curb the use of fictitious financial schemes.
Over the medium term, the digital tenge is projected to be used in the implementation of at least 100 government projects. The National Bank officially announced its launch just over a year ago.
