The National Bank of the Republic of Kazakhstan (NBK) has established an independent entity to lead the development and implementation of a central bank digital currency (CBDC) – the digital tenge.
According to an official statement on September 15, the National Payments Corporation (NPC) will be formed on the basis of the former Kazakhstan Interbank Payment Center.
The new agency will oversee the national payments system, including interbank clearing services, money transfers and digital identification. The National Payments Company will also be responsible for the development of digital financial infrastructure, including the implementation of the digital tenge.
Currently, Kazakhstan’s CBDC pilot is in the pilot phase using a controlled environment, real consumers and merchants.
One of the main partners in the project is Binance, which supports the pilot through its technology solution BNB Chain.