The Central Bank of Kazakhstan began to look closely …

The Central Bank of Kazakhstan began to look closely …

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Contents

The Central Bank of Kazakhstan began to look closely at the issue of digital currency
CONTENT

  • The first developments on the creation of CBDC in Kazakhstan may appear in the second half of 2021

  • The Central Bank of Kazakhstan believes that digital currency will be able to combine the advantages of cash and non-cash payments

  • In Russia, the appearance of the digital ruble has not yet aroused much optimism in specialized circles due to the prohibitive measures of the Ministry of Finance

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The Central Bank of Kazakhstan is exploring the possibility of introducing the digital currency of the central bank This is reported on the official resource of the regulator.

Kazakhstan is working to study a possible issue of a digital national currency. The Central Bank announced this on its official website. It is noted that the regulator’s experts are already studying approaches to regulating digital currency together with the Bank for International Settlements and the International Monetary Fund..

The Central Bank of Kazakhstan began to look closely ...

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In addition to creating its own digital currency of the central bank (CBDCBills and coins may be a thing of the past due to a new financial instrument – digital currency of central banks (CBDC). As … More), the Central Bank of Kazakhstan is also an observer in projects to introduce digital currency in China, Canada, Singapore and the European Union.

“The National Bank of Kazakhstan, along with 28 central banks of other countries, participates in the work of the main international research group on digital currencies,” the regulator said..

At the time of this writing, representatives of the Central Bank announced the development of a report on various scenarios for the introduction of digital currency in Kazakhstan. The report is slated to be published in the second half of 2021.

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The regulator believes that CBDC technology will be able to combine the advantages of cash and non-cash payments to further improve the efficiency and availability of payments in the country. At the same time, the digital currency is designed to diversify the payment infrastructure, experts of the Central Bank of Kazakhstan note..

Bring to clean water

For the first time, they started talking publicly about the emergence of digital tenge in Kazakhstan in the summer of 2020. Then the head of the Anti-Corruption Agency, Alik Shpekbayev, said that the introduction of digital tenge into circulation would reveal “dishonest” politicians.

“First, it will cut the cash so convenient for bribe-takers. Secondly, it will ensure full transparency of the movement of budgetary funds in public procurement, “Shpekbayev said..

However, the appearance of a national digital currency does not mean the legalization of the local cryptocurrency market..

The Central Bank of Kazakhstan began to look closely ...

The BeInCrypto editorial staff previously reported that the government proposed introducing a 15% tax on mining companies in order to create an infrastructure to fight the pandemic in Kazakhstan. At the same time, the Kazakh mining company Xive notes that the tax on bitcoin mining will reduce the investment attractiveness of the mining business in the country..

In Russia, there are also active discussions on the possible issue of a digital ruble. Nevertheless, so far, the development of a digital version of the ruble directly correlates with the tough proposals of the Ministry of Finance on regulation of the cryptocurrency market and does not cause much optimism in specialized circles.

Are countries ready to implement CBDC – read in a special material from BeInCrypto.

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