Kazakhstan’s Central Bank Demonstrating Strategies For Digital Tenge

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Recently, the Central Bank of Kazakhstan demonstrates the workability of introducing digital tenge.
  • Last year in May, Kazakh President Mushin’s adviser suggested introducing blockchain technology and digital tenge.
  • Besides this, it has already 14 block reward mining facilities and is responsible for around $200 million of investment to date.

Recently, the Central Bank of Kazakhstan demonstrates the workability of introducing digital tenge. Per reports, the speculators from China, Russia, Kazakhstan, and many other countries assembled at “Astana Online Financial Day 2020”. They will discuss the plans and strategies of the Central Government in terms of digital currency in their respective countries.

Kazakhstan looking to introduce blockchain technology in future

Kazakhstan’s governor’s adviser Zalenov, stated that the main objective of the central bank is to manage inflation goals and financial market stability. According to him, the digital currency solution is secondary. However, the main purpose is to ensure that the digital currency system design is reliable with financial regulation goals.

Last year in May, Kazakh President Mushin’s adviser suggested introducing blockchain technology and digital tenge. Moreover, the objective of this launce is to fight corruption and assuring transparency in the distribution of the country’s budget funds.

Further, in June Kazakhstan opted for the “Outline of Blockchain and Digital Technology Development”. The country is a hub of a growing digital currency ecosystem. It has already 14 block reward mining facilities and is responsible for around $200 million of investment to date.

Future plans of the country

Citing the progress of the United States, South Korea, and Sweden in digital currency and transaction access. It is expected that a significant development will be seen in Kazakhstan.

Recently, the Minister of Digital Development, Innovation, and Aerospace Industry, Askar Zhumagaliyev revealed. That the country is planning to pull 300 billion tenge of investment from the cryptocurrency mining over the coming three years.

Besides this, the development department of AIFC’s Manager, Kaliyev notified. That AIFC is willing to offer test support for the introduction of digital currency in the country.

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