In May, the head of the National Bank of Kazakhstan, Yerbolat Dossayev, said that testing the digital tenge (CBDC) could begin this year.
This week, the Central Bank published a report in which it revealed some details of its concept of a national digital currency.
This document states that the regulator has decided to use blockchain to deploy the token, which is used by many central banks. We are talking about the Corda R3 platform, which is also used by the financial authorities of Japan, Switzerland, France, and other countries.
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The two largest Kazakhstani commercial banks - Caspian Bank JSC and Eurasian Bank JSC - are taking part in testing digital tenge. The issuer of the token, as in other countries creating CBDCs, will only be the Central Bank.
The authors of the report also note that the main problem now lies in the fact that almost 30% of the republic's population does not have access to full-fledged financial services.
The launch of CBDC will help minimize this problem since the residents of the country will be able to send and receive funds in digital tenge even without access to the Internet.