The Digital Tenge programmability is being tested as part of a project funded by the National Fund

The National Bank of the Republic of Kazakhstan informs of successful launch of a pilot project on the use of the Digital Tenge platform in respect to financing from the National Fund. As part of the second stage of the national CBDC implementation, programmable Digital Tenge is allocated for the construction of the Dostyk – Moynty railway section.

The Digital Tenge programmability enables the funds owner to control and to allocate funds both efficiently and independently.

During the pilot launch, the funds allocated to finance the project were marked via the Digital Tenge platform. The marked digital tenge were disbursed to the organizations that have fully fulfilled the required obligations only. Settlement in the marked Digital Tenge were carried out throughout the supply chain up to the final suppliers and contractors. At the same time, access to digital tenge accounts for all consumers was provided via the existing interfaces that the market participants are familiar with. 

Thus, marking technology reduces the risks of misuse of allocated funds, and also contributes to ensuring transparency and efficiency of public spending.  

The pilot project was launched jointly with JSC “Samruk-Kazyna”, JSC “Kazakhstan Temir Zholy” National Company, JSC “Kazpost” and JSC “Halyk Bank of Kazakhstan”.

As part of the development of the pilot project, it is planned to expand reference sources (information systems) for marking Digital Tenge, expand the number of market participants (second-tier banks) and apply the platform for other projects funded from the National Fund.

Moreover, a number of pilot projects are being implemented together with the Government of the Republic of Kazakhstan and the Anti-Corruption Agency of the Republic of Kazakhstan. These projects focus on targeted public spending of budgetary funds in agriculture, construction, and digitalization of government support measures. Pilot projects on digitalization of tax administration, cross-border settlements in CBDCs and settlement in the field of digital assets are also planned.  

The results of the second phase of the digital tenge implementation will be presented in the form of a final report (blueprint paper) at the end of 2024.

Detailed information for the media representatives is available upon request:
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e-mail: press@nationalbank.kz
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