The National Bank of Kazakhstan has announced plans to pilot its prototype of a digital tenge within the private companies of the financial industry in the first stage.
The participants will adopt the CBDC to provide payment services via a two-tier architecture where the digital currency will be built. To guarantee the proper official launch of Kazakhstan’s digital tenge, the National Bank has been conducting studies on the benefits and risks of the tasks solved by the digital currency, the method of its emission and distribution, the technology used, the impact on monetary policy, financial stability and the payment ecosystem.
In addition, the bank also released a public consultation paper to gather feedback from the locals and assess potential impacts that could bring the virtual asset to the national economy.
Still, the National Bank of Kazakhstan didn’t disclose an approximate deadline on when the pilot will be deployed, nor when it could come to an end. To learn more about CBDCs, download our ebook Central Bank Digital Currencies for Beginners – A Quick Guide into CBDCs.