Kazakhstan successfully tested the Digital Tenge platform

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    The national bank of Kazakhstan announced that testing of the digital tenge platform was completed successfully, this was already the second stage of the pilot project, followed which the agency prepared a report with the Center for the Development of Payment and Financial Technologies (CRPFT).

    Image Source: Bakhrom Tursunov / unsplash.com /.

    During the first phase, through the three years from July – December 2021, the prototype became used and so was a prototype. This proved that the concept’s viability. The second stage, which took place January and December 2022, included the refinement of the prototype and its launch with a limited number of participants. Through digital tenge platform, it found out the fundamental technical requirements for the business were technically fulfilled. The real consumers tested it in real-time, a neo-component and an e-commerce company.

    The NBK pointed out that the digital limit will allow for the expansion of financial services, hence enabling the possibility of settlements without the Internet; new financial products will appear; the efficiency of public expenditure will increase; and cross-border settlements will be simplified. Consumers have also emphasized their willingness to use the official digital currency.

    As part of the third stage of the project, from January to December 2023, it is planned to develop a digital tenge designed to run its industrial operation. The fourth stage will last until December 2025, and the circle of participants will expand here, and the possibility of a transborder operation will be added. It became known earlier that the digital tenge platform was the Binance BNB-chain.

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