The digital Tenge is not planned to replace cash or cashless payments, but may serve as an alternative
The trend of Central Bank Digital Currencies is spreading across the world like wildfire it seems, now reaching Kazakhstan. The National Bank of Kazakhstan made it clear in a report from Wednesday, that the digital Tenge is thought to be an alternative to analogue money, not a replacement.
The goal of the project is to increase competitiveness and stability of the market, a move in the footsteps of major Asian countries, including Thailand, Japan and most notably China.
On the 3rd of May, the US also launched a digital dollar project. So far, these digital currencies for various countries are still ongoing a testing phase. The only fully implemented CBDC in use is the Sand Dollar, an innovation from the Bahamas.
Higher monitoring possibilities create opportunities to fight the high level of corruption of Kazakhstan, while the country states that it will strive to maintain a high level of privacy.
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