Kazakhstan to Press On With CBDC Development Until 2025

For the next two years the country will work on developing industrial operations and cooperate with other central banks on cross-border and currency-exchange applications.

AccessTimeIconDec 19, 2022 at 1:07 p.m. UTC
Updated Dec 19, 2022 at 4:04 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Kazakhstan will continue looking into a central bank digital currency (CBDC) until 2025 at least, the central bank said in a report published Thursday.

In December 2021, the country said it was piloting a CBDC on R3's Corda platform and would make a decision on whether to introduce one by the end of this year. In October, Binance CEO Changpeng Zhao said the National Bank of Kazakhstan will test use cases for the e-tenge on the company's BNB Chain.

The bank said it has completed some phases of the trial, including refinement of the prototype and introduction for a limited number of participants. For the next two years, the country "will develop solutions for launching into industrial operation," and will cooperate with other central banks on cross-border and currency-exchange operations, the report said. By December 2025 it will add more participants, aim to introduce offline capabilities and connect with non-bank mediators.

"The unique advantages of the national digital currency relates to conducting a chain of transactions offline," the report said.

Countries around the world have been pressing ahead with CBDC exploration, with a few saying they are likely to issue one within 10 years. As many as 105 countries are exploring a CBDC, representing 95% of the global gross domestic product, according to the Atlantic Council, a U.S.-based think tank that focuses on international issues. Nigeria, the Bahamas, Jamaica and Eastern Caribbean have issued a CBDC, while China is further ahead than most countries in its CBDC trials.

Kazakhstan is also working with Binance on blockchain technology education. Binance, the largest crypto exchange by volume, will partner with the national bank's Research Lab "Blockchain Center" on a program to introduce a blockchain program targeting 40,000 people, according to an emailed statement on Monday. The curriculum will be imbedded in university programs across the country.

UPDATE (Dec. 19, 15:13 UTC): Added education program in last paragraph.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.