Kazakhstan's Digital Tenge pilot program launched, with the first batch of CBDC issued

The National Bank of Kazakhstan (KRNB) announced the launch of a pilot program for the central bank digital currency (CBDC), issuing the first batch of digital tenge on its digital platform, allowing participating bank customers to open digital accounts and use digital tenge through the bank's mobile app. Kazakhstan plans to fully implement digital tenge by the end of 2025.

The Digital Tenge Platform Officially Launched

The National Bank of Kazakhstan announced that on November 15, the Digital Tenge platform has officially gone live in a limited environment with real users.

The National Bank of Kazakhstan has issued the first batch of digital tenge on its platform, allowing participating bank customers to open digital accounts in their bank mobile applications for the use of digital tenge.

In addition to the payment and transfer functions between digital accounts, the National Bank of Kazakhstan has also collaborated with the Almaty city government to utilize the "digital certificate" service and achieve automated settlement within the framework of social support measures using smart contract technology.

Furthermore, participating banks have also collaborated with international payment systems to issue digital cards, which seamlessly integrate with the banks' existing payment infrastructure, allowing holders to make digital tenge payments and transfers to individuals and legal entities in the existing mode.

What is CBDC? What are the types? Understand Central Bank Digital Currencies (CBDC) at once

Plan to Fully Implement by the End of 2025, Binance Plays an Important Role

Kazakhstan plans to complete the full implementation of the digital tenge by the end of 2025, expanding its services, usage scenarios, and platform participants' environment.

Changpeng Zhao, the founder of Binance, stated at the end of October that the National Bank of Kazakhstan will integrate and test its central bank digital currency - digital tenge on the BNB Chain.

In mid-August, Binance received a provisional approval from the Kazakhstan Financial Supervisory Authority (AFSA) to operate a digital asset exchange at the Astana International Financial Centre (AIFC) and provide custodial services.