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<ul>
 <li>Kazakhstan launches digital tenge in pilot phase, completes first retail transaction.</li>
 <li>Binur Zhalenov conducts historic retail transaction using Kazakhstan’s digital tenge.</li>
 <li>Visa and Mastercard support integration of digital tenge, expanding its financial applications.</li>
</ul>
<p>Kazakhstan marked a historic moment on November 15th as it officially introduced its <a href="https://cryptonewsland.com/kazakhstan-to-integrate-its-cbdc-on-bnb-chain/" target="_blank" rel="noopener noreferrer nofollow">central bank digital currency (CBDC)</a>, the digital tenge, in a limited pilot mode involving real users. The <a href="https://nationalbank.kz/en" target="_blank" rel="noopener noreferrer nofollow">National Bank of Kazakhstan</a> collaborated with second-tier banks and their clients to initiate this significant step in the country’s digital currency journey.</p>
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   <p lang="en" dir="ltr">Kazakhstan Unveils Digital Tenge in Limited Pilot Mode With First-Ever Retail Transaction <a href="https://t.co/iLVb6OV1im" rel="noopener noreferrer nofollow">https://t.co/iLVb6OV1im</a> <a href="https://twitter.com/hashtag/Cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cryptocurrency</a> <a href="https://twitter.com/hashtag/AANews?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#AANews</a> <a href="https://twitter.com/hashtag/CBDC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CBDC</a> <a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CryptoNews</a> <a href="https://twitter.com/hashtag/Kazakhstan?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kazakhstan</a></p>— Crypto Mak (@crypto__mak) <a href="https://twitter.com/crypto__mak/status/1726463413822652610?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 20, 2023</a>
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<p>Binur Zhalenov, Chairman of Kazakhstan’s National Payment Corporation (NPC), conducted the inaugural retail transaction using the digital tenge through a debit card linked to the CBDC account. The transaction marked a milestone, showcasing the versatility of the digital tenge in everyday retail scenarios.</p>
<p>Payment giants Visa and Mastercard are supporting the integration of the digital tenge on cards, facilitating its use in various financial transactions. Zhalenov announced the launch at the XI Congress of Finance in Almaty, expressing optimism about the platform’s large-scale development in <a href="https://cryptonewsland.com/binance-receives-approval-to-operate-in-kazakhstan/" target="_blank" rel="noopener noreferrer nofollow">collaboration with financial market participants</a>.</p>
<p>The digital tenge, with applications ranging from smart contracts to digital asset transactions, is poised to undergo further development. Offline payments are set to be enabled by 2024, with cross-border trade integration expected by 2025.</p>
<p>The complete rollout of the digital tenge is scheduled for conclusion by the end of 2025, promising expanded services, diverse application scenarios, and increased participation from platform users.</p>
<p>As the world witnesses a surge in central bank digital currencies (CBDCs), research indicates that CBDC payments could reach a value of $213 billion annually by 2030, a substantial increase from $100 million in 2023.</p>
<p>A <a href="https://www.juniperresearch.com/researchstore/fintech-payments/cbdcs-stablecoins-research-report" target="_blank" rel="noopener noreferrer nofollow">study</a> by Juniper Research predicts that 92% of CBDC transactions’ total value will be paid domestically by 2030, marking a shift from the nearly 100% recorded during the current pilot stages in 2023.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/kazakhstan-to-integrate-its-cbdc-on-bnb-chain/" rel="noopener noreferrer nofollow">Kazakhstan to Integrate its CBDC on BNB Chain</a></li>
 <li><a href="https://cryptonewsland.com/binance-receives-approval-to-operate-in-kazakhstan/" rel="noopener noreferrer nofollow">Binance Receives Approval to Operate in Kazakhstan</a></li>
 <li><a href="https://cryptonewsland.com/kazakhstan-president-imposes-bill-for-higher-tax-rates-on-crypto-miners/" rel="noopener noreferrer nofollow">Kazakhstan President Imposes Bill for Higher Tax Rates on Crypto Miners</a></li>
 <li><a href="https://cryptonewsland.com/binance-coin-bnb-surged-amid-kazakhstan-approval/" rel="noopener noreferrer nofollow">Binance Coin (BNB) Surged Amid Kazakhstan Approval</a></li>
 <li><a href="https://cryptonewsland.com/binance-conducts-11th-proof-of-reserve-amid-regulatory-pressure/" rel="noopener noreferrer nofollow">Binance Conducts 11th Proof of Reserve Amid Regulatory Pressure</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/kazakhstan-launches-digital-tenge-in-pilot-phase-conducts-first-retail-transaction/" rel="noopener noreferrer nofollow">Kazakhstan Launches Digital Tenge in Pilot Phase, Conducts First Retail Transaction</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Kazakhstan Launches Digital Tenge in Pilot Phase, Conducts First Retail Transaction

Crypto News Land

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