Fun

Kazakhstan pays for rail line to China using programmable CBDC

News Feed - 2024-07-20 02:07:17

Derek Andersen6 hours agoKazakhstan pays for rail line to China using programmable CBDCThe second phase of the Kazakhstan central bank digital currency pilot focused on controlling its many potential uses.582 Total views9 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksKazakhstan has launched a pilot project to use its digital tenge central bank digital currency (CBDC) to pay for the construction of a rail line to China. The project uses “marked,” or programmable, digital tenge to see that allocated funds reach the intended recipients at the right time.


The new project marks the beginning of the second phase of the introduction of the CBDC. It will ensure transparency, targeted use and efficiency, the National Bank of Kazakhstan (NBK) said in a statement.Government money spent as intended


Marking was implemented throughout the supply chain using “the existing interfaces of market participants in the usual format.” The money was disbursed on completion of the work:“During the pilot launch of the digital tenge platform, the money allocated to finance the project was marked. The marked digital tenge is paid only to organisations that have fully fulfilled the required obligations.”


The marked CBDC was used to enlarge the rail line between Moyynty in central Kazakhstan and Dostyk on the Chinese border across from Xinjiang. The line is on the nascent Belt and Road transit corridor intended to link China with Western markets.Source: National Payments Corporation of Kazakhstan


Money from the Kazakhstan National Fund sovereign wealth fund was used in the project. The Kazakhstan government and the state Anti-Corruption Agency plan to extend the project to targeted expenditures in agriculture, construction and social benefits, the central bank said.


Related: Toncoin gains regulatory approval to trade in Kazakhstan


Halyk Bank of Kazakhstan participated in the project, and other banks will be included as the project expands, the NBK said. Separate projects involving tax administration, cross-border payments and “settlements in the field of digital assets” are also planned.How smart is a smart CBDC?


The first phase of the digital tenge pilot concluded in December. It encompassed a wide range of functions, from providing free school lunches to implementing cross-border payments on the SWIFT system. The Kazakhstan CBDC infrastructure has been integrated with the BNB Smart Chain. The country is aiming for a full rollout of its CBDC in 2025.


The NBK and People’s Bank of China signed a memorandum of understanding on joint CBDC research on July 10 during Chinese President Xi Jinping’s state visit to Kazakhstan.


Programmability through the use of smart contracts is an especially controversial feature of CBDCs for many Western commentators, who see it as an additional way the technology could limit the public’s free spending. The advantages of programmability for consumer protection and preventing unintended uses have also been noted. In addition, programmability would enhance the functionality of CBDC in decentralized finance.


Magazine: HTX hacked again for $30M, 100K Koreans test CBDC, Binance 2.0: Asia Express# Smart Contracts# Adoption# Kazakhstan# CBDC# RegulationAdd reaction

News Feed

Government to Airdrop $9 Billion in Free Money to 7 Million Hong Kong Residents
Government to Airdrop $9 Billion in Free Money to 7 Million Hong Kong Residents The government of Hong Kong has decided to airdrop about $9 billion in free money to an estimated
Robert Kiyosaki Says Fed Rate Hikes Will Crash Stocks, Bonds, Real Estate, and US Dollar
Robert Kiyosaki Says Fed Rate Hikes Will Crash Stocks, Bonds, Real Estate, and US Dollar The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned t
Goldman Sachs, Capula, Avenir were biggest BTC ETF buyers in Q2 — CoinShares
Alex O’Donnell6 hours agoGoldman Sachs, Capula, Avenir were biggest BTC ETF buyers in Q2 — CoinSharesThe companies collectively purchased nearly $1.3 billion worth of Bitcoin ETF shares during the quarter.374 Total v
Cointelegraph Accelerator16 hours agoHow Web3 improves data storage: GhostDrive joins Cointelegraph AcceleratorFileCoin-based data storage app GhostDrive focuses on user experience and encryption features.1169 Total view
Ray Salmond11 hours agoWater & Music’s Cherie Hu says Web3 and AI will revolutionize creativity: The AgendaWater & Music founder Cherie Hu explains how technology is evolving the music industry — but is it to
Ico Speaks: Top Crypto and NFT Marketing Agency in 2022
Ico Speaks: Top Crypto and NFT Marketing Agency in 2022 press release PRESS RELEASE. It can be increasingly frustrating when someone has a worthwhile crypto and NFT project but cann
Binance Makes Regulatory Compliance Top Priority as the Crypto Exchange Pivots Into Financial Services Company
Binance Makes Regulatory Compliance Top Priority as the Crypto Exchange Pivots Into Financial Services Company Global cryptocurrency exchange Binance has made re
Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell 
Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process "Early," Says Powell  The U.S. Federal Reserve raised its benchmark federal funds rate by 0.25% on
US Government Moves to Regulate Cryptocurrencies After Attorney General Publishes Enforcement Framework
US Government Moves to Regulate Cryptocurrencies After Attorney General Publishes Enforcement FrameworkUnited States Attorney General (AG) William Barr says the recent publishing of
Bitcoin’s Hashrate Dips, Mining Difficulty Expected to Decrease for First Time Since July
Bitcoin"s Hashrate Dips, Mining Difficulty Expected to Decrease for First Time Since July Bitcoin’s hashrate has been volatile in recent times following the same patterns as
OVR and the Results of the Token Burning Program’s First Month
OVR and the Results of the Token Burning Program"s First Month sponsored OVR launched its new Token Burning Program on 1 Novemberto make its own tokens more rare and valuable. The r
Tether Asks Court to Remove Crypto Boutique Law Firm Roche Freedman From Class-Action Lawsuit
Tether Asks Court to Remove Crypto Boutique Law Firm Roche Freedman From Class-Action Lawsuit Kyle Roche, an attorney and founding partner of the crypto boutique litigation firm Ro