Digital tenge will become legal tender in Kazakhstan

In Kazakhstan, the digital tenge will officially receive the status of legal tender. This was announced by Deputy Chairman of the National Bank Berik Sholpankulov, presenting the draft of a new law on banks in the Mazhilis (lower house).

According to him, the digital tenge will be used along with cash and non-cash money, and the National Bank will act as the sole issuer and guarantor. A set of legislative amendments has been prepared to consolidate the new status.

«The concept of a digital account for storing and using digital tenge will be introduced. Banking secrecy requirements remain in place, as well as the possibility of arrests and recovery of funds within the framework of the law,» Sholpankulov said.

He stressed that the digital tenge has unique technological capabilities: it can be labeled and programmed. This will allow you to track the targeted use of budget funds and eliminate the risks of their inefficient spending.

The National Bank has already conducted pilot projects on the use of digital tenge in financing road construction, supporting farmers and controlling loans from the national fund. The scope of the digital currency will gradually expand. There are plans to use it in cross–border settlements, industrial subsidies and car purchases.