Fun

National Bank of Kazakhstan Publishes Whitepaper for Digital Tenge

News Feed - 2022-12-18 02:12:15

National Bank of Kazakhstan Publishes Whitepaper for Digital Tenge


The central bank of Kazakhstan has completed the second phase of testing for its digital currency and published a whitepaper. The studies carried out by the regulator on its introduction did not identify significant risks for the country’s financial stability and economy. Monetary Authority of Kazakhstan Reports on Advance of Digital Tenge Pilot Project


The National Bank of Kazakhstan (NBK) has announced the successful completion of the second stage of testing of the platform for its central bank digital currency (CBDC). The results of the trials and the study on the need for the new version of the national fiat, the tenge, have been presented in a whitepaper published by the regulator.


The first phase of the pilot was conducted between July and December, 2021, when a prototype was developed to examine the viability of the CBDC concept, detailed an announcement, quoted by RBC Crypto. During the second stage, from January to December, 2022, the platform was fine-tuned and trials started with financial market players and users.


According to the bank, the research has confirmed that the digital tenge is a feasible project. Once introduced, the CBDC can increase the availability of financial services, including through a feature allowing offline transactions as well as the offering of new products and services. A survey among consumers indicated the majority would use the coin. NBK to Add Participants, Launch New Services in Next Phase of CBDC Project


The third phase of implementation of the digital national currency will commence in January and continue throughout 2023. Next year, developers plan to introduce a solution for commercial use. During the fourth stage, which is scheduled to end in December 2025, the NBK will invite more participants and launch additional services.


In October, Binance founder and CEO Changpeng Zhao announced on Twitter that the NBK plans to use the Bnb Chain for the deployment of the digital tenge. The world’s largest crypto trading platform was granted license to operate as a provider of exchange and custody services for digital assets out of the Astana International Financial Center (AIFC), the country’s financial hub.


Authorities in Kazakhstan, which became a major mining hub since China cracked down on the industry in 2021, have been also working to more comprehensively regulate crypto-related activities. Earlier in December, the lower house of parliament, the Mazhilis, passed a dedicated bill which, besides mining, addresses crypto trading and taxation. Tags in this story CBDC, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, digital tenge, Kazakhstan, Kazakhstani tenge, National Bank of Kazakhstan, NBK, pilot project, tenge, Testing, trials, Whitepaper


What future for cryptocurrencies in Kazakhstan do you expect after the launch of the digital tenge? Share your thoughts in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Blackrock Warns of Unprecedented Recession for 2023, Bull Markets Not Returning FINANCE | 5 days ago Russia’s Largest Digital Asset Deal Denominated in Chinese Yuan FINANCE | Dec 5, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons, Maykova Galina / Shutterstock.com Previous articleG20 Countries to Build Crypto Policy Consensus for Better Global Regulation Next articleCoinEx: To Embrace a New Crypto Future by Making Crypto Trading Easier in the Next Five Years Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

US Lawmaker Urges SEC to Go After Major Crypto Exchanges That Traded XRP
US Lawmaker Urges SEC to Go After Major Crypto Exchanges That Traded XRP U.S. Congressman Brad Sherman has urged the U.S. Securities and Exchange Commission (SEC) to go after major
Analysts: BRICS Currency Meant to Rival USD, Trump Warns of Depression as Kiyosaki Predicts Bond Crash, Waits to Buy Bitcoin — Bitcoin.com News Week in Review
Analysts: BRICS Currency Meant to Rival USD, Trump Warns of Depression as Kiyosaki Predicts Bond Crash, Waits to Buy Bitcoin — Bitcoin.com News Week in Review BRICS nations have
Prashant Jha13 hours agoBlackRock ETH ETF helps price past $2K; community sees BTC ETF as ‘done deal’BlackRock has previously also filed for a Bitcoin ETF, for which the SEC approval window is currently open until No
SBF maintains his innocence as he trades rice in jail
Jesse Coghlan2 hours agoSBF maintains his innocence as he trades rice in jailFTX co-founder Sam Bankman-Fried gave his first in-person media interview since being locked up, saying he’s gotten “good at faking” that
AI takes center stage as Microsoft and Google earnings signal booming market
Savannah Fortis14 hours agoAI takes center stage as Microsoft and Google earnings signal booming marketMicrosoft and Google’s Q2 earnings reports highlight significant revenue and profit increases driven by their inves
Polkadot’s treasury has $245M with 2 years of runway
Jesse Coghlan6 hours agoPolkadot’s treasury has $245M with 2 years of runwayThe blockchain platform’s revenue declined during the first half of 2024, and its head ambassador has called for its token’s inflation rat
Join Bityard’s YouTube Recruitment Competition – Win 38888 XRP
Join Bityard’s YouTube Recruitment Competition – Win 38888 XRP The new Bitcoin and cryptocurrency contracts exchange Bityard launched in early April 2020. To better spread the w
Gemini Customer Data Leak Was Advertised for Sale on Hacker Forums for 30 BTC in September
Gemini Customer Data Leak Was Advertised for Sale on Hacker Forums for 30 BTC in September On Dec. 14, 2022, the crypto exchange Gemini revealed that some Gemini customers have bee
National Police in Spain Warn of Surge in Cryptocurrency-Related Scams
National Police in Spain Warn of Surge in Cryptocurrency-Related Scams The National Police have issued a warning for a wave of cryptocurrency-related investment scams in Spain. The
Bitcoin dumps 'bull market excess' as daily ETF outflows pass $500M
William Suberg35 minutes agoBitcoin dumps "bull market excess" as daily ETF outflows pass $500MBTC price action spooks ETF investors, data shows, but there is reason to believe that Bitcoin is seeing a broadly healthy co
Bitcoin hashrate drawdown hits bear market levels, but miners aren’t selling
Francisco Rodrigues8 hours agoBitcoin hashrate drawdown hits bear market levels, but miners aren’t sellingCould miner capitulation signal that selling pressure is easing, or could it be the death spiral that takes Bitc
Myrtle Anne Ramos11 hours agoNavigating decentralized governance in Web3: Balance of transparency and controlFinally, as we move forward on emerging technologies such as AI and decentralization, let us remember to remain