Central Bank of Kazakhstan opened a public discussion on the issue of digital tenge – Bits Media

The National Bank of the Republic of Kazakhstan began a public discussion of the benefits and possible risks of switching to the digital Kazakhstani tenge.

According to information from the Bank of Kazakhstan, digital tenge will be backed by state currency in cash and non-cash form in the ratio 1:1. It will have a two -level structure: Financial organizations will be able to provide services to the population and BNZ using this asset, And the Central Bank will provide the necessary infrastructure.

The Central Bank of Kazakhstan emphasized, that the purpose of digital tenge is not to find a way to replace cash. Against, This asset is created to expand payment methods and will be used in parallel with existing payment decisions. This will increase the competitiveness of Kazakhstan in the global payment market, will strengthen the country's financial system and increase the confidence of the population in state currency.

In his report, the Bank of Kazakhstan indicated, that digital tenge will make financial services available in all regions of the country and will contribute to the creation of innovative payment services. Besides, State cryptocurrency, Blockchain -based, Simplify and reduce the cost of international payments. Citizens will be able to reserve a certain amount in digital tenge on their devices and will be able to pay them without access to the Internet, by analogy with cash.

Particular attention will be paid to the protection of user rights and their confidentiality. Therefore, before launching a pilot project, The Central Bank will conduct a comprehensive study of the advantages of digital tenge, its operating risks, and also study its potential influence on the country's monetary policy. Interacting with participants in the financial market and international partners, The Bank of Kazakhstan intends to determine the methods of releasing its own digital currency, options for its use and distribution. Local authorities also consider, that digital tenge can become an important tool in the fight against corruption in Kazakhstan.

Recently, many central banks have begun to study the possibility of releasing their own digital currency. Former Soviet republics do not stand aside. for instance, Today there has been similar news about the beginning of the development of the digital currency of the Central Bank of Georgia.

Even the US Federal Reserve (FRS), previously not expressed interest in this topic and in no hurry with the launch of a digital dollar, I decided to move on to active actions. This year the Fed will launch five pilot programs for testing a digital dollar. On the other side, recently manager of the Central Bank of South Korea said, that state cryptocurrencies can significantly reduce the demand for bitcoin and other cryptocurrencies.