ASTANA – The National Bank of Kazakhstan has approved a regulatory framework for the issuance, circulation, and redemption of the digital tenge, defining how Kazakhstan’s central bank digital currency will operate. The rules will take effect on July 19.
Photo credit: National Bank’s press service
The National Bank will act as the operator of the digital tenge platform, issuing the currency only within the limits of funds deposited by participants. Issuance is completed once digital funds are credited to user accounts.
The digital tenge will function exclusively on a dedicated national platform. Users may also store funds on external electronic devices, provided technical requirements are met, reported Kazinform on May 12.
Conversion back into traditional funds will be carried out through reverse transactions credited to accounts with the National Bank. Each user may open only one digital account, and savings-type accounts are not permitted.
Platform participants must regularly report user data and digital tenge balances to the operator as part of the system’s oversight requirements.
