Kazakhstan to Develop Mining and CBDC

Kazakhstani officials presented a development plan for the national digital currency. The country plans to double its investment in digital currency mining and continues to develop a central bank digital currency project (CBDC).

Currently, the Kazakhstani digital currency project has attracted 82.6 million tenge, which is about 20 million US dollars. The scale of these investments will increase by 80 million tenge in 2020. In May 2020, an adviser to the President of Kazakhstan, Mu XIN, proposed the introduction of blockchain and digital tenge technology in order to combat corruption and ensure transparency in the distribution of state budget funds. In June, Kazakhstan adopted a development plan for blockchain and digital technologies.

The Central Bank of Kazakhstan sees the feasibility of introducing CBDC. Astana International Financial Center (AIFC) is ready to provide test support and formulate the legal basis for the introduction of digital currency. AIFC protocol includes cryptocurrency classifications, smart contract, digital wallet, etc.

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