Kazakhstan to decide whether or not to launch CBDC by end of 2022

Kazakhstan, one of the the biggest countries in the world in terms of Bitcoin ( BTC ) hash power mining, continues to explore a potentia...



Kazakhstan, one of the the biggest countries in the world in terms of Bitcoin (BTC) hash power mining, continues to explore a potential central bank digital currency (CBDC).

The National Bank of Kazakhstan has completed a prototype of a digital tenge platform, Governor Erbolat Dossayev said, according to a report by the local Kazinform news agency.

The central bank is now preparing to release preliminary results of digital currency testing and a CBDC pilot on December 15, Dossayev said. He noted that the pilot involved local finance companies and some international partners.

Although it is actively progressing in the CBDC tests, Kazakhstan has yet to decide whether or not to launch a digital representation of the national currency. According to Dossayev, the central bank expects to make such a decision in December 2022.

The National Bank of Kazakhstan is paying more and more attention to CBDC developments abroad, as several countries around the world develop their own digital currencies, the governor added.

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Kazakhstan opened a public consultation on the potential CBDC in May 2021 after the local authorities started to consider a national digital currency Last year.

Kazakhstan’s approach to launching a CBDC follows a similar plan by Russia, another country in the former Soviet Union, which seeks to deploy the first pilot tests for a digital ruble in early 2022.