Kazakhstan central bank has announced to pay her first project regarding railway construction whose goner connect China and Kazakhstan with CBDC. Launching his first pilot project to use central bank digital currency (CBDC) Kazakhstan has allocated funds and started the second phase of introduction of the (CBDC).
The National Bank of Kazakhstan (NBK) statement that it will ensure transparency, efficiency of (CBDC). In the first stage of Kazakhstan CBDC, a wide range of function has been implemented such as launching and testing cross-border payments with use of SWIFT system. The infrastructure of Kazakhstan CBDC has been integrated with Binance Smart Chain (BSC) network.
The CBDC was used to pay for building and connecting double-track railway between Moyynty in central Kazakhstan and Dostyk on the Chinese border across from Xinjiang. The National Bank of Kazakhstan (NBK) and People’s Bank of China signed a memorandum of understanding (MoU) on joining CBDC research on July 10 during witch Chinese President Xi Jinping will visit Kazakhstan. As announced country of Kazakhstan will aim to rollout CBDC to the end of 2025.
The most important question is would company and organization apply for such work?
It looks like the companies and organization who fulfilled the required obligation will be pay in CBDC but this is one more step of Government to completely abandon cash. Applying for such project, companies will have to be prepared, to be paid in CBDC.
Central bank of Kazakhstan plans to expand the target of its CBDC in financing agriculture, construction, social benefits etc. But that’s not all (NBK) has approved Toncoin to be trade in Kazakhstan. Also many banks such as Halyk participated in this project said NBK. Separate projects such a tax administration, cross-border payments and settlements in the field of digital assets are planned.
Many programmable features have been used in a project one of them is especially controversial and that’s smart contract a CBDC feature.
National Payments Corporation of Kazakhstan launched a pilot project and they stated.
“LAUNCH OF A PILOT PROJECT ON THE USE OF DIGITAL TENGE FOR MARKING BUDGET FUNDS
MECHANISM OF OPERATION
In this pilot, programmable digital tenges provide control and targeted use of funds. Tagged digital tenge is allocated only to organizations that have fulfilled their obligations and is used throughout the supply chain. Access to accounts in digital tenge for all consumers is organized through existing interfaces of market participants in a familiar format.
PLANS
As part of the development of this pilot project, it is planned to expand reference sources (information systems) for marking digital tenge, increase the number of market participants (second-tier banks) and use the platform for other projects financed from the National Fund.
THE POSSIBILITIES of launching new pilot projects on the digitalization of tax administration, cross-border settlements in national digital currencies and settlements in the field of digital assets are also being considered.”