The National Bank of Kazakhstan (NBK) has created a distinct entity, the National Payment Corporation (NPC), to guide the development and execution of its central bank digital currency (CBDC), the digital tenge.
As per an official announcement on September 15, the NPC, a restructured version of the Kazakhstan Center for Interbank Settlements, will supervise the national payment system, encompassing interbank clearing services, money transfers, and digital identification.
Additionally, the NPC will manage the development of “digital financial infrastructure,” including the digital tenge implementation. The digital tenge project commenced in February 2023, with a target launch date of 2025. Berik Sholpankupov, NBK deputy governor, previously outlined the bank’s ambition for a “partnership between traditional finance and DeFi” to enhance financial inclusion and bolster international trade.
Presently, the CBDC pilot in Kazakhstan is in a controlled environment phase, involving actual consumers and merchants.
Binance, the world’s largest cryptocurrency exchange, is a key partner in the project, providing its technical solution, BNB Chain. In June, Binance revealed plans for a regulated digital asset platform in Kazakhstan, in collaboration with local Freedom Finance Bank, enabling users to deposit fiat funds into their platform accounts.
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