National Bank Of Kazakhstan Announces Whitepaper For Its CBDC

The second phase of testing for the central bank digital currency (CBDC) has been finished by the National Bank of Kazakhstan (NBK), and a whitepaper has been released.

The second phase of testing the platform for its CBDC was successfully finished, according to the NBK. In a whitepaper released by the regulator, the findings of the trials and the research on the demand for the new form of the national fiat, the tenge, are revealed.

According to a statement cited by RBC Crypto, the first stage of the pilot was carried out between July and December 2021, during which time a prototype was created to assess the practicality of the CBDC concept.

The platform was adjusted during the second stage, which ran from January to December 2022, and trials with users and participants in the financial market began.

The regulator’s investigations on its launch failed to find any major dangers to the economy and financial stability of the nation. The majority of consumers, according to a poll, said they would use the coin.

The feasibility of the digital tenge project has been validated through studies, the bank claims. Once established, the CBDC can expand the range of financial services offered, including introducing new goods and services as well as a feature that permits offline transactions.

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