certify
Home arrow Article arrow Article Detail

Kazakhstan central bank planning to introduce CBDC by 2023

Profile Image

Indrani bose Follow

INDIA

Dec, 26 2022

Dec, 26 2022

likes | comments 0

Article Image

Kazakhstan finished testing the platform for its digital currency. The findings and research of the trials for the demand of a new form of the national fiat, the tenge, is being revealed in a whitepaper released by the regulator.


The main reason behind conducting research on CBDC was to test its potential to improve financial inclusion, encourage competition and innovation in the payments sector, and boost the country's worldwide competitiveness. After establishment, the CBDC can expand the range of financial services offered like introducing new goods and services as well as a feature that permits offline transactions. The majority of consumers said they would use the coin.


National Bank of Kazakhstan (NBK) has recently announced the successful completion of the second phase of testing its central bank digital currency platform. The internal CBDC should be available as early as 2023, with a progressive increase of capabilities and entry into commercial operation by the end of 2025. Kazakhstan is the third-largest Bitcoin BTC mining region in the world.


The trial's modification of the prototype and introduction to a small group of participants, according to Bank, have been completed. According to the paper, the government will create options for launching industrial operations over the course of the following two years and will collaborate with foreign central banks on cross-border and currency-exchange activities. More participants will be added by December 2025, and efforts will be made to link with non-bank mediators and introduce offline capabilities.


The pilot's initial phase was carried out between July and December of 2021. The platform was adjusted in the second stage, which ran from January to December 2022, when trials with users and participants in the financial market began. Beginning in January 2023, the third phase of the introduction of the digital national currency will take place. Developers intend to release a solution for commercial use in the following year. In the fourth stage is expected to expire in December 2025, and NBK will extend invitations to more people and introduce more services in this stage.


Kazakhstan's CBDC would be merged with BNB Chain, a blockchain made by the cryptocurrency exchange, and use cases for the e-tenge would be tested on the company's BNB Chain, Binance CEO Changpeng "CZ" Zhao said at the end of October. In the midst of war-related uncertainty, many Russians crossed into the neighboring countries, and Kazakhstan declared that it would authorize a system for turning cryptocurrency into cash.


The Mazhilis, which is the lower house of parliament, passed a special law about cryptocurrencies earlier in December. This law deals with taxation, trading, and mining.


Kazakhstan and Binance are collaborating on a blockchain technology education project. According to a statement sent through email recentlyBinance, the largest cryptocurrency exchange by volume, will collaborate with the national bank's Research Lab "Blockchain Center" on a project to launch a blockchain program that is aimed at 40,000 individuals. All of the nation's university programs will incorporate the curriculum. 

 


likes | comments 0

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
EMG launched a super app based on blockchain technology

EMG launched a super app based on blockchain technology to bring users a portfolio of communication services through a single mobile platform The Emeldi Group, a top supplier of e-commerce solutions.;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.