Kazakhstan launches digital tenge, making its first CBDC transaction and setting the stage for global digital currency use and trade.
On November 15, the chairman of Kazakhstan's National Payment Corporation, Binur Zhalenov executed the first transaction in Almaty using the central bank digital currency (CBDC). For this historic purchase, he made use of a debit card connected to a CBDC account.
The Official Debut of the Digital Tenge and Its Global Accessibility Zhalenov declared the launch of the 'digital tenge' in Kazakhstan's retail market, with big advancements planned for 2024. The internet-based money is interoperable with international payment systems like Visa and Mastercard, and it may be used anywhere in the globe via Apple Pay, Samsung Pay, and other digital wallets.
Future Prospects and International Trade Strategies
The digital tenge is more than simply money; it can also be programmed to perform smart contracts and digital asset transfers. It is expected to be utilized in international trade by 2025. This comes after its growth began in February 2023 and the establishment of the NPC in September to lead this digital revolution.
As Kazakhstan quickly implements the CBDC, it is also gaining control of the cryptocurrency market. Without a local license, access to foreign crypto exchanges like Coinbase and Kraken has become impossible, and crypto miners have filed an appeal against new tax rates.