ASTANA – The Kazakh government discussed how to step up efforts to implement the digital tenge as a tool to improve control over public spending at a meeting on July 11, reported the Prime Minister’s press service.
Olzhas Bektenov chairs a government meeting. Photo credit: primeminister.kz
To date, 257.5 billion digital tenge (US$496 million) have been put into circulation. A full-scale launch of the digital currency platform is scheduled for December.
Pilot projects have already demonstrated the benefits of the technology in more than ten areas. For example, the introduction of digital VAT has cut the tax refund process from 75 to just 5 working days. Funding for infrastructure projects such as road repairs, the Dostyk-Moiynty railway section, and the Taldykorgan-Usharal gas pipeline is now fully traceable online.
The digital tenge is also being prepared for use in real estate and vehicle transactions, school meal programs, purchases of costly equipment, and agricultural loans. To support this, draft amendments introducing the concept of a digital account have been prepared.
“The digital tenge will ensure complete transparency and control over the targeted use of budget funds,” said Prime Minister Olzhas Bektenov. “I instruct that at least 100 major projects financed by the National Fund and the budget be transferred to this format in the near future.”
Bektenov also directed the development of a roadmap for the accelerated integration of the digital tenge into key sectors of the economy.
