Kazakhstan has created a new body to oversee CBDC’s implementation
The National Payment Corporation will be in charge of creating the “digital financial infrastructure,” which will include the digital tenge.
To oversee the creation and distribution of digital tenge, Kazakhstan’s central bank digital currency (CBDC), the National Bank of Kazakhstan (NBK) has created a separate organization.
A statement released on September 15 confirmed that the Kazakhstan Center for Interbank Settlements has been renamed the National Payment Corporation (NPC).
The introduction of the digital tenge is only one part of the “digital financial infrastructure” that will be built and maintained by the National Payment Corporation.
The creation of the digital tenge began in February 2023, and its introduction was scheduled for the year 2025. During that time, NBK deputy governor Berik Sholpankupov discussed the bank’s hopes for a “collaboration between traditional finance and DeFi” to expand access to banking services and promote international commerce.
The CBDC pilot in Kazakhstan is now in the testing phase, during which actual customers and businesses are used in a supervised setting. Binance, the biggest cryptocurrency exchange in the world, is one of the project’s key partners. The company’s technology solution, BNB chain, will be used to aid in the trial project.
Binance, the world’s largest cryptocurrency exchange, has announced the establishment of a regulated digital asset platform in Kazakhstan in collaboration with the country’s Freedom Finance Bank.