Kazakhstan will decide on the start of its CBDC at the end of 2022

Kazakhstan, one of the largest countries in the world in terms of bitcoin’s hashing power, continues to research a potential central bank digital currency (CBDC).

The National Bank of Kazakhstan has completed a prototype digital tenge platform, as announced by Governor Erbolat Dossayev after a report by the local news agency Kazinform.

The central bank is now preparing to publish the preliminary results of the digital currency tests and a CBDC pilot on Wednesday.said Dossayev. He noted that local financial firms and some international partners were participating in the pilot.

Kazakhstan will decide on the start of its CBDC at the end of 2022
Kazakhstan will decide on the start of its CBDC at the end of 2022

Although the CBDC tests are being actively pursued, Kazakhstan has yet to decide whether to introduce a digital representation of the national currency. According to Dossayev, the central bank expects this decision in December 2022.

The National Bank of Kazakhstan has paid increasing attention to CBDC developments abroadAs several countries around the world develop their own digital currencies, the governor added.

Kazakhstan opened a public consultation on a possible CBDC in May 2021after the local authorities started thinking about a national digital currency the previous year.

Kazakhstan’s approach to launching a CBDC follows a similar plan from Russia, which aims to launch the first pilot tests of a digital ruble in early 2022.

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