The National Bank of Kazakhstan, together with the participants of the country's financial market, plans to start implementing the digital tenge platform by the end of 2023, the press service of the National Bank said following a meeting on the development of the national payment system and digital financial infrastructure, Interfax reports.
"This year, together with financial market participants, it is planned to introduce the first stage of an industrial digital tenge platform with real consumers and trade and service enterprises. The introduction of a national digital currency will simplify the procedure for social payments for citizens and government agencies and provide an opportunity to create innovative services based on smart technology. contracts," the agency said in a statement.
At the end of 2022, the National Bank of Kazakhstan announced the successful testing of this platform.
In addition, the meeting participants agreed to continue research on the use of the digital tenge platform in the digital asset and decentralized finance industry. In addition, a pilot project is planned to introduce standards for open programming interfaces (Open API) and use the Open Banking platform.
"The introduction of open banking will ensure the development of competition in the financial services market, optimize intersystem interaction between ecosystems and ensure the protection of personal data and consumer rights without compromising the development of innovation," the message says.
It is assumed that the instant payment system and the interbank payment card system launched by the National Bank in 2022 will be scaled.
"Further development of payment systems will ensure the stability and continuity of non-cash payments in Kazakhstan, reduce costs for business participants and increase convenience for consumers," the regulator adds.
As previously reported, the National Bank wants to introduce the digital tenge by the end of 2025 in three stages. The introduction of the national digital currency, according to the expectations of the authorities, will increase the availability of non-cash payments, the transparency of public spending and open up opportunities for creating innovative financial products.
CentralasianLIGHT.org
March 14, 2023