Kazakhstan is set to expand the use of the digital tenge. To
date, 250 billion digital tenge have been issued, with each unit linked to
digital tags, enabling comprehensive tracking of government fund usage. The
project has already been tested in the «Auyl Amanaty» program, where electronic
money was used to finance livestock purchases by farmers, preventing fraudulent
transactions. Prime Minister Olzhas Bektenov chaired a meeting to discuss the
introduction of this third form of national currency and mechanisms for
controlling targeted budget spending. Additionally, the National Bank reported
that its systems process 90% of the country’s total payment turnover and handle
approximately 30 million requests for digital biometric identification. The
Anti-Fraud Center has successfully blocked illegal transactions totaling 2
billion tenge. Kazakhstan plans to launch an interbank QR payment service and
introduce additional initiatives.
«By July 1, we propose to introduce a set of budget programs
through which we aim to implement the digital tenge in a comprehensive manner.
I would like to highlight that during the implementation and development of
these approaches, it might be important to reengineer business processes,
review them in light of the opportunities provided by the digital tenge, and
pilot several such projects,» said Binur Zhalenov, Advisor to the Governor of
the National Bank of Kazakhstan.
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