The update on the digital tenge was announced in a joint report released by the National Bank of Kazakhstan and another leading crypto exchange.
Kazakhstan has witnessed steady progress in launching its digital currency, which was revealed in a recent report. The report is jointly prepared by a prominent crypto exchange and the National Bank of Kazakhstan (NBK). The report explores the trends of crypto regulation worldwide, the local crypto industry, and the adoption of DeFi and digital assets in Central Asia. It also states in detail some regulatory challenges being faced by the industry.
The Deputy Governor of the National Bank of Kazakhstan (NBK), Berik Sholpankupov, wrote a piece in the introduction of the report, stating that traditional firms in the market, regulators, and representatives of the DeFi space need to collaborate productively. He hoped the research between the NBK and the crypto exchange could help all stakeholders. He confirmed that the ongoing research could help Kazakhstan’s CBDC, called the digital tenge, be a link between crypto and traditional fiat currencies.
The report further states, “The key motivation is the potential for improving financial inclusion, promoting competition and innovation in the payments industry, thus increasing the competitiveness of Kazakhstan’s financial sector in the global market.”
Kazakhstan, being one of the world’s largest Bitcoin miners, has immense potential to become a crypto hub by adopting such technologies and promoting the adoption of blockchain technologies and digital assets in traditional industries. The digital tenge could be the first step in this direction.