ASTANA, Kazakhstan, July 18. The National Bank of Kazakhstan (NBK) has successfully launched a pilot project to use the digital tenge platform with the funds of the National Fund, Trend reports.
According to NBK, as part of the second stage of the implementation of the national digital currency, programmable digital tenge is used for the construction of the Dostyk-Moyynty section of the railway.
During the pilot launch, funds allocated to finance the project were marked on the digital tenge platform. Marked digital tenge is paid only to organizations that have fulfilled the necessary obligations in full. Payments in marked digital tenge are carried out throughout the supply chain, right up to final suppliers and contractors.
As NBK noted, access to accounts in digital tenge for all consumers is organized through the existing interfaces of market participants in a familiar format.
"Thus, marking technology reduces the risks of misuse of allocated funds and also helps ensure transparency and efficiency in government spending," the bank said.
To note, the pilot project was launched jointly with Samruk-Kazyna, Kazakhstan Railways, Kazpost, and Halyk Bank.
To note, the digital tenge project underwent a pre-launch phase in 2021 to assess its feasibility. Subsequent research and testing with real consumers and businesses continued throughout 2022.
On November 15, 2023, the initial phase of implementing the digital tenge platform within the industrial circuit commenced.
Collaborating with the Almaty city's administration and Kazpost postal service company, a pilot project introducing "digital vouchers" for complimentary meals in schools was initiated. Furthermore, in conjunction with international payment systems and four second-tier banks, the world witnessed the debut of bank cards connected to a digital account in the central bank's digital currency. This innovative development enables citizens to utilize, withdraw, and conduct transactions worldwide, all within a familiar user interface.