Kazakhstan central bank recommends a phased CBDC rollout between 2023-25

Kazakhstan 3rd largest in the world Bitcoin (Bitcoin) It is a mining hub following the United States and China, and found the feasibility of launching in-house Central Bank Digital Currency (CBDC), digital tenge. The National Bank of Kazakhstan (NBK) announced this result after completing the second phase of testing.

late October, Binance CEO Changpeng’ CZ’ Zhao announced that Kazakhstan’s CBDC will be merged with BNB Chain, a blockchain built by cryptocurrency exchanges. The country’s primary motivation for conducting his CBDC research was to test its potential to improve financial inclusion, foster competition and innovation in the payments industry, and increase the country’s international competitiveness.

pilot study Focus on offline payments and programmability It recommended the inclusion of market participants and infrastructure players in different scenarios and suggested clear language for use by national regulators.latest research paper It solidified Kazakhstan’s intention to roll out the Digital Tenge. Here’s a rough translation of the report:

We recommend a phased implementation over three years, taking into account the need for technical improvements, infrastructure readiness, operating model development and regulatory framework.

Kazakhstan’s central bank has recommended a gradual expansion of functionality and introduction into commercial operations by the end of 2025, with an on-premise CBDC available as early as 2023.

Related: Binance signs MoU with Kazakhstan to fight financial crime

As many Russians crossed into neighboring borders amid war-related uncertainty, Kazakhstan announced: Legalize the mechanism of converting cryptocurrencies into cash.

We are ready to go further. If this financial instrument shows further relevance and security, it will surely receive full legal approval, said President Qasim Jomart Tokayev. I mentioned this in a talk at the international forum Digital Bridge 2022.

Neighboring Georgia is also moving, as Cointelegraph reported. Introduce new crypto regulations to become a global crypto hub.