BAKU, Azerbaijan, July 1. The decision to introduce digital tenge (Kazakh national currency) will be taken in Kazakhstan at the end of 2022, the National Bank of Kazakhstan told Trend.
National Bank of Kazakhstan in close cooperation with the participants of the financial market, expert community and international partners implemented a pilot project ‘Digital Tenge’ in 2021, the bank noted.
National Bank continued to research the benefits and costs of the possible introduction of digital tenge in 2022. Currently, the bank is working on expanding the technological functionality of the platform and quantitative economic research.
Digital Tenge Hub was launched in June 2022 to engage financial market participants and other stakeholders to unite all interested sides for joint research on issues of the introduction of the national digital currency in Kazakhstan.
"Technological, economic and regulatory aspects will be analyzed, the evaluation will be carried out through technological experiments, surveys, economic modeling and discussions with financial market participants and expert community, in the framework of the research process before the end of 2022," National Bank added.
The National Bank emphasized that decision to introduce digital tenge will be taken at the end of 2022 based on the results of comprehensive research of potential benefits and risks, development of technological aspects, and assessment of the impact on monetary policy and financial stability.
