Kazakhstan Introduces the CBDC and Completes the First Transaction For The Currency

Launching the digital tenge was the first ever CBDC transaction and paved the way for digital currencies to be used and traded internationally.

Binur Zhalenov, head of Kazakhstan’s National Payment Corporation, made the first purchase in Almaty using the country’s central bank digital currency (CBDC) on November 15. He used a debit card linked to a CBDC account to make this significant transaction.

The Global Release of the Digital Tenge. Its Official Debut. Zhalenov hailed the debut of the ‘digital tenge’ in Kazakhstan’s retail industry, with substantial developments expected for 2024. The internet-based money is compatible with international payment systems like Visa and Mastercard, and it may be used anywhere in the world via Apple Pay, Samsung Pay, and other digital wallets.

The digital tenge can be used for more than just buying and selling; it can also be used to execute smart contracts and transfer digital assets. By 2025, its use in cross-border commerce is predicted. This expansion followed the launch of the NPC in September 2023 to steer this technological upheaval in February 2023.

Rapid CBDC adoption in Kazakhstan has led to the country’s rise to the top of the cryptocurrency industry. Crypto miners have filed an appeal against increased tax rates, and without a local license, they are unable to trade on overseas cryptocurrency exchanges like Coinbase and Kraken.

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