Launch of digital tenge and new banknotes: Almaty hosts 11th Congress of Financiers of Kazakhstan
Almaty city hosted the 11th Congress of Financiers of Kazakhstan, during which the digital tenge platform was piloted as well as a new series of banknotes of the national currency were presented, Kazinform News Agency correspondent reports.
Addressing the event’s opening ceremony was Chairman of the national Bank of Kazakhstan Timur Suleimenov, who congratulated Kazakhstanis on the 30th anniversary of the national currency. According to him, the introduction of the tenge enabled to form a full-fledged financial system and strengthen the foundations of statehood of the country.
It’s symbolic that it is today when the 30th anniversary of the tenge is celebrated we’ll witness a new era of the national currency – the era in the digital space. Today, we’re to launch the digital tenge – the third form of money. And this, as you know, is a significant global trend contributing to the global transformation of the financial system, said Suleimenov.
The first polit project to introduce the digital current was developed in 2021 and its results were presented at the Congress by National Payment Corporation Chairman Binur Zhalenov. During the presentation, he also made the first purchase via card in the digital tenge.
The same as with currencies and coins, the digital tenge can be used to make payments offline with no access to the internet. You can make payments online in traditional banking apps or banking infrastructure. The digital tenge can also be programmed. In fact, it’s the smart money that can be used in smart contracts, innovative financial services, said Zhalenov.
He stressed that Kazakhstan has established the technology which integrates the active payment cards with the digital tenge platform, enabling to make payments in the digital tenge in any part of the world via ApplePay, SamsungPay, and other devices.
The digital tenge is introduced gradually. This year we’re introducing the digital tenge in retail use. Next year, we expect large-scale development of the platform together with our partners, participants of the financial market, said Zhalenov.
According to the project’s manager Ainur Kenzhayeva, schoolchildren from Almaty are the first to use the digital tenge.
This year, schoolchildren of the two schools in Almaty are to use the digital tenge. That is, the digital tenge platform has been implemented into the Onay card. The card can be used to make payments at canteens with the money going to the school’s wallet, said Kenzhayeva.
The full-fledged introduction of the digital tenge is expected to be completed by the end of 2025 by expanding its services, usage scenarios and participants of the platform.
According to economist Maksat Khalyk, the introduction of the digital tenge is timely, as the digital currencies are in use in the neighboring countries such as China and Russia.
We should not lag behind our neighbors. Thanks to the digitalization of monetary circulation the transparency and cleanliness of finances are to be kept. Public purchases are to be transparent once they’re made in the digital tenge. Also, the digital tenge is used to make special payments, contributing to cybersecurity, said Khalyk.
A presentation of a new series of banknotes of the national currency also took place at the Congress of Financiers of Kazakhstan. The new banknotes are based on the Saka style and depict the country’s heritage – from the unique culture of Nomads to modern Kazakhstan. They are to enter into circulation as manufactured. The first banknote of 5,000 tenge is to be available by the end of this year.
During the event, the heads of foreign central banks and financial institutions, representatives of Kazakhstani public bodies and financial organizations also discussed the issues of macroeconomic policy and financial sector. The talk was held by the Association of Financiers of Kazakhstan with support of the National Bank of Kazakhstan and Agency for Regulation and Development of the Financial Market.