After China and the United States, Kazakhstan is the third largest Bitcoin mining region in the world. Kazakhstan has identified the possibility of introducing the digital tenge as its central bank digital currency (CBDC). It is expected that the domestic CBDC will be made available as early as 2023, gradually increasing the capacity and entering into commercial transactions by the end of 2025, according to the Central Bank of Kazakhstan. say.
Things Are Now
After China and the United States, Kazakhstan is the third largest Bitcoin mining region in the world. Kazakhstan has identified the possibility of introducing the digital tenge as its central bank digital currency (CBDC).
After the second round of exams, the National Bank of Kazakhstan (NBK) announced the results. Kazakhstan’s CBDC will be integrated into the BNB Chain, a blockchain created by the cryptocurrency exchange, according to an announcement made by Binance CEO Changpeng “CZ” Zhao in late October.
The city’s main reason for conducting the CBDC review was to determine its potential for improvement. Investment supports competition and innovation in the payments industry and strengthens local competitiveness at the global level.
What The Story Tells Us
The offline payment pilot study and proposed program put market participants and infrastructure players in different situations and suggested defining terms to be used by government regulators. The latest academic study shows Kazakhstan’s intention to introduce a digital tenge.
A rough translation of this story is as follows:
It is wise to ensure the adoption of the system for more than three years, given the requirements for technological progress, infrastructure readiness, the establishment of operational procedures and regulations.
It is expected that the domestic CBDC will be available by 2023 according to the central bank of Kazakhstan, gradually increasing the capacity and entering into commercial operations until the end of 2025. despite the uncertainty of the war, many Russians went to the neighborhood.
Kazakhstan said it will allow the system to convert cryptocurrency into money. “We are ready to move forward. There is no doubt that this financial instrument will receive full legal support if it continues to demonstrate its value and security”.
President Kassym-Jomart Tokayev said in a speech at the Digital Bridge 2022 international conference. The state of Georgia has introduced new cryptocurrency laws to establish itself as a major industry hub.