A large-scale launch of the digital tenge in Kazakhstan is
planned for 2027. This was announced by the government during a meeting on the
implementation of pilot projects related to the tagging and tracking of funds
using the national digital currency. To date, 257.5 billion tenge have been
issued into circulation, and the currency has been tested across more than ten
sectors. It is being used for payments in road construction, railway
infrastructure, and gas pipeline projects. Tagging enables effective monitoring
of the targeted use of public funds. Additionally, the use of digital tenge has
reduced the VAT refund processing time from 75 to 5 working days. The system is
also being considered for use in real estate transactions, procurement of
goods, and state agricultural lending. Amendments to the Law "On Payments
and Payment Systems" have already been prepared. Prime Minister Olzhas
Bektenov has instructed that at least one hundred major projects funded by the
National Fund and the state budget be transitioned to the digital tenge format
in the near future.
«We discussed how to scale the use of this technology across
various types of government spending, including the construction of
infrastructure, social, and industrial facilities. It is also being considered
for state support measures aimed at businesses and the population, such as
subsidies and other related programs. The idea is to ensure that the funds
allocated for specific government purposes are used exactly as intended. In
terms of convenience for businesses and citizens, the system is being designed
in a way that preserves banking secrecy, confidentiality, and ease of use. The
digital tenge has been in the process of implementation since 2023, and we are
currently operating in a pilot phase. We have now stepped up the application of
the digital tenge across different areas of public spending,» said Binur
Zhalenov, Chief Digital Officer and Advisor to the Governor at the National
Bank of Kazakhstan.
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