Kazakhstan may introduce digital currency. The country’s National Bank jointly with 28 world central banks is taking part in the work of an international research team on digital currencies. Kazakhstan will present its report with various scenarios on the introduction of electronic currency in the second half of this year.
“As far as the use of digitalized currency, it will be universal. According to experts, the main advantage is the transparency of transactions as well as efficiency of the payment system,” said Zhenis Yermukanov, correspondent.
Experts of the financial institution emphasized the mass use of the digital currency. It can be applied for both retail and gross settlements. The electronic currency is also used for interbank payments, including cross-border payments, as well as for settlements with securities. Overall, the digital currency is seen as an addition to cash, acting as a completely new form of money.
“It is equal to tenge. It has the same functions as tenge, but in digital format. What are its advantages? It possible to track how money is spent, manage, place and take money. The second advantage is the anti-corruption feature, which means that it allows monitoring corruption cases way easier and faster. Such currency is available online. The third thing is the simple money issuance,” said Batyrbek Umarov, President, Blockchainkz Association.
Pilot projects on the electronic currency introduction are already being implemented in the European countries, China, Japan and Canada. In addition, Russia is reviewing the possibility of its application as well.
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