Kazakhstan puts nearly 260 bln digital tenge into circulation, plans full launch by Dec
ASTANA. July 11 (Interfax) - Kazakhstan has introduced 257.5 billion digital tenge into circulation, with the platform for the national digital currency currently operating in pilot mode before its full launch in December 2025, the government press service said.
The digital tenge has been tested across 10 sectors, with the digital VAT system reducing tax refund processing time from 75 to five working days. "Road repair fund tracking was trialed on the Pavlodar-Atyrau and Mukur-Kulsary projects. Additionally, the digital tenge is being used to monitor spending in National Fund-financed projects, including the Dostyk-Moyynty railway section and the Taldykorgan-Usharal gas pipeline," according to the statement.
Plans include using the digital tenge in major infrastructure projects like the Beineu-Bozoy-Shymkent gas pipeline, a gas separation complex, and the Bakhty-Ayagoz railway segment. The currency may also expand into real estate, vehicle transactions and state agricultural lending.
"Digital tenge ensures full transparency and systematic oversight of budget spending. Scaling this initiative requires the timely integration of information systems with the digital tenge platform and developing the necessary legal framework. The 'colored money' mechanism must be implemented comprehensively. I instruct the transfer of at least 100 major state-funded projects to the digital tenge format soon," Prime Minister Olzhas Bektenov said.
Issued by the National Bank, the digital tenge is a new form of currency that will coexist with cash and non-cash payments. Its adoption aims to advance Kazakhstan's payment infrastructure and reduce reliance on cash transactions.
President Kassym-Jomart Tokayev first proposed exploring a digital tenge in 2021, envisioning it as a cornerstone of the financial system. The three-phase rollout is set for completion by late 2025. The National Bank initiated the project in November 2023, enabling interbank digital tenge transfers and piloting digital vouchers for school meals.
