Home News Kazakhstan to decide whether to launch CBDC by late 2022

Kazakhstan to decide whether to launch CBDC by late 2022

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Kazakhstan, one of the world’s major Bitcoin mining countries, is continuing to investigate the possibility of a central bank digital currency (CBDC).

According to a report by local news agency Kazinform, Kazakhstan’s National Bank has produced a prototype of a digital tenge platform.

Governor Erbolat Dossayev stated that the central bank is ready to release preliminary results of digital currency testing. As well, a pilot CBDC project on Wednesday. He mentioned that the pilot included several international partners as well as local financial companies.

Kazakhstan has yet to determine whether or not to establish a digital equivalent of the national currency. While going forward with CBDC testing. The central bank, according to Dossayev, plans to make a decision in December 2022.

Many countries throughout the world establish their own digital currencies. Thus, the National Bank of Kazakhstan has been progressively paying attention to CBDC developments elsewhere, according to the governor.

Following local authorities’ consideration of a national digital currency the previous year, Kazakhstan initiated a public consultation on the prospective CBDC in May 2021.

Kazakhstan’s approach to developing a CBDC is comparable to Russia’s. Which plans to conduct the first digital ruble pilot testing in early 2022.

The Eastern Caribbean CBDC now covers two more countries

Only Anguilla is expected to adopt the Eastern Caribbean Central Bank’s (ECCB) digital payment system, which began rolling out to the Commonwealth of Dominica and the British overseas territory of Montserrat on Dec. 7.

In March 2021, the ECCB partnered with DCash to introduce the “EC dollar” Central Bank Digital Currency (CBDC). To Antigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis, and Saint Lucia. In August, Saint Vincent and the Grenadines added to the list.

DCash is a payment system designed specifically for use with the euro, the digital currency of the European Central Bank. Furthermore, the wallet app allows CBDC holders to make purchases and transmit money to other CBDC holders within the Eastern Caribbean Currency Union (ECCU).

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