ASTANA, Kazakhstan, January 16. Kazakhstan has
officially recognized the digital tenge as a legal form of national
currency, Trend
reports via the Kazakh National Bank.
This change was formalized with the signing of the "Law on Banks
and Banking Activities" and amendments to the "Financial Market
Regulation and Bankruptcy" by President Kassym-Jomart Tokayev.
The digital tenge is now officially recognized as a legitimate
means of payment in Kazakhstan. The National Bank has been
designated as the sole issuer, and transactions will be conducted
through licensed financial market participants. The integration of
smart contracts and programmability will enable the creation of
innovative financial services and enhance transparency in
government spending.
Furthermore, the legal framework strengthens the status of
Kazakhstan’s National Digital Financial Infrastructure (NDFI),
encompassing the National Payment System, Interbank Payment
Systems, the Digital Tenge platform, Open Banking, and Biometric
Identification Systems. These initiatives are designed to improve
banking efficiency, expand mobile and QR payment options, and drive
innovation in the financial sector.
Simultaneously, Kazakhstan has introduced a comprehensive
regulatory framework for the issuance of digital financial assets
(DFAs) and the supervised circulation of unsecured
cryptocurrencies. This framework establishes the necessary
infrastructure requirements and defines the regulatory powers of
relevant authorities.
In 2022, the National Bank of Kazakhstan, together with market
participants, the expert community, and international partners,
began studying the necessity of implementing a digital tenge. By
the end of the same year, based on the results of the research, a
decision was made to implement the digital tenge in three phases.
The first phase of the digital tenge rollout took place in
2023.
