Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans. The National Bank of Kazakhstan is making preparations to launch a CBDC pilot program soon. The National Bank Released a Public Consultation Paper According to the announcement published on their website, the bank expects to pilot its prototype of a digital tenge within the private companies of the financial industry in the first stage. The participants will adopt the CBDC to provide payment services via a two-tier architecture where the digital currency will be built. That said, to guarantee the proper official launch of Kazakhstan’s digital tenge, the National Bank looks forward to conducting “a comprehensive study of the benefits and risks with the definition of the tasks solved by the digital currency, the method of its emission and distribution, the technology used, the impact on monetary policy, financial s...
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