The National Bank of Kazakhstan (NBK) has established a separate entity to lead the implementation of the country’s CBDC, the digital tenge.
The National Bank of Kazakhstan (NBK) has created a separate organization to oversee establishing and implementing the digital tenge, the country’s central bank digital currency (CBDC).
The National Payment Corporation (NPC) is a reorganization of the Kazakhstan Center for Interbank Settlements, according to a statement issued on September 15.
The new organization will manage the national payment system, which includes interbank clearance services, money transfers, and digital identification. The NPC will also be responsible for creating “digital financial infrastructure,” which will include the implementation of the digital tenge.
The digital tenge was created in February 2023, with a launch date of 2025 slated. Back then, NBK deputy governor Berik Sholpankupov explained the bank’s vision of a “collaboration between traditional finance and DeFi” that could increase financial inclusion and support international trade.
The CBDC prototype in Kazakhstan is currently in the controlled environment pilot phase with actual consumers and merchants. Binance, the world’s largest cryptocurrency exchange, is one of the project’s primary collaborators. BNB Chain, the company’s technical solution, aids the pilot.
In partnership with the local Freedom Finance Bank, Binance announced in June the introduction of a regulated digital asset platform in Kazakhstan, allowing users to transfer fiat funds to their accounts on the forum.
