National Bank of Kazakhstan Launches National Payment Corporation for Digital Tenge and Partners with Binance
Summary:
The National Bank of the Republic of Kazakhstan establishes the National Payment Corporation to lead the development and implementation of the digital tenge. The new entity will oversee the national payment system and the development of digital financial infrastructure. The digital tenge initiative aims to enhance financial inclusion and support international trade. Binance is a principal partner in the CBDC pilot, providing technical support through its BNB chain.
The National Bank of the Republic of Kazakhstan (NBK) is creating a separate organization to lead the development and implementation of the central bank digital currency (CBDC), known as the digital tenge. In an official statement released on September 15, it was announced that the National Payment Corporation (NPC) will be established using the former Kazakh Center for Interbank Payments as its foundation. This new entity will have oversight over the national payment system, including interbank clearing services, money transfers, and digital identification. Additionally, the National Payment Corporation will be responsible for the advancement of the "digital financial infrastructure," which includes the implementation of the digital tenge. The development of the digital tenge initiative commenced in February 2023 and is slated for completion by 2025. The NBK's deputy governor, Berik Sholpankupov, previously stated that the goal of this endeavor is to foster collaboration between traditional finance and DeFi, ultimately enhancing financial inclusion and supporting international trade. Currently, the CBDC pilot in Kazakhstan is in its testing phase, employing a controlled environment, genuine consumers, and merchants. Key collaborators for this project include Binance, the world's largest cryptocurrency exchange. Binance is offering its technical solution, BNB chain, to support the pilot program. Back in June, Binance announced its partnership with the local Freedom Finance Bank to establish a regulated digital asset platform in Kazakhstan, granting users the ability to transfer fiat funds to their accounts on the platform.
Published At
9/18/2023 8:30:20 AM
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