Kazakhstan Successfully Pilots Digital Tenge for Retail Transactions

• Zhalenov made the first purchase using a debit card connected to a CBDC account.
• In 2024, the NPC intends to prioritize facilitating offline digital currency transactions.

Binur Zhalenov, head of the National Payment Corporation (NPC), has brought the “digital tenge” into the retail sector of Kazakhstan, marking a major step forward for the nation’s finance landscape. Zhalenov made the first purchase using a debit card connected to a CBDC account while speaking at the XI Congress of Finance in Almaty.

This is a big step forward for digital finance in Kazakhstan, and it shows that the country is serious about adopting new financial technologies. The introduction of the digital tenge also represents a significant step ahead for fintech in Kazakhstan. This idea aims to speed transactions and build a more efficient economy.

Boosting Widespread Adoption

The digital money is intended to work with existing payment systems without any hassle, such as Apple Pay and Samsung Pay. This connection guarantees that the digital tenge may be used for worldwide transactions, expanding its usefulness and allure.

To facilitate the widespread adoption of the digital tenge, Kazakhstan has worked with global financial institutions like Visa and Mastercard in addition to domestic financial institutions.

The NPC’s dedication to making the digital tenge work with current payment systems is shown by this collaboration. This kind of cooperation helps bridge the gap between conventional and digital banking, which benefits both customers and business owners.

Zhalenov also emphasized the digital tenge’s programmability. This is a really interesting addition since it may lead to brand new financial services, digital asset transfers, and smart contracts.

In 2024, the NPC intends to prioritize facilitating offline digital currency transactions. By 2025, the group plans to increase the digital tenge’s use in international commerce, strengthening the currency’s standing in the international digital currency market.

Highlighted Crypto News Today:

Justin Sun Led Poloniex Set to Resume Operations After Recent Hack