ASTANA, Kazakhstan, July 20. Kazakhstan has decided to implement a 'digital tenge' project by 2025, the National Bank of the country told Trend.
According to the NBK, the key objectives of the digitalizing the national currency include improving the accessibility of financial services for all groups of citizens.
"Last year, successful testing of the Digital Tenge platform was conducted, involving consumers and trade and service enterprises. In December 2022, the final report (White Paper) was published, providing an overview of the key project outcomes. Based on the developed methodology, a decision was made to implement the Digital Tenge step by step by 2025," the source at the bank said.
Regarding digital technologies, the NBK is implementing a series of strategically significant projects aimed at establishing an independent and accessible digital infrastructure for the financial market.
"Last year, new components of the National Payment System were launched - the Interbank Payment Card System (IPC) and the Instant Payment System (IPS), enabling retail payments and money transfers between clients of different banks," the bank said.
As the source explained, the IPS is designed for fast online interbank transfers and payments in a 24/7 mode using simplified details. The system significantly accelerates interbank settlements (within a few seconds), increasing the accessibility of non-cash payments for individuals and businesses.
