Kazakhstan Launches Digital Tenge Currency

16 December 2023

in Mining

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The digital tenge, Kazakhstan’s central bank digital currency (CBDC), has been deemed a success following a month-long pilot project.

A range of improvements are planned for 2024 after the digital currency was used for everything from school lunches to gold tokenization during its trial run.

According to the report, the digital tenge was utilized to provide free school lunches to children in Almaty through the local Onay transit card system, with Kazpost serving as an intermediary for these payments.

Great follow-up meeting with @Mastercard SVPs Selim Ergoz&Arn Vogels, building upon #UNGA78 agreements. Encouraged by the efforts in the continuous DCP implementation-opening a regional hub in Almaty, bolstering the digital #tenge, offering SME training and other 5 priority areas pic.twitter.com/cpviSwL7DM

— Yerzhan Ashikbayev (@KZAmbUS) November 28, 2023

Also, participating banks has also issued digital tenge cards to focus groups in partnership with Visa and Mastercard, allowing purchases online and in-person, cash withdrawals, and worked both domestically and internationally.