Kazakhstan Central Bank’s Recommendation: A Phase CBDC Rollout In The Next 3 Years

Kazakhstan’s central bank is planning to bring a CBDC to the market (as early as 2023) and add more functionalities to it through phased expansion. It might be fully ready for commercial usage by the end of 2025. According to the officials of NBK (National Bank of Kazakhstan), this is the feasible time to do it, and the product is in its 2nd phase of testing. 

It should be noticed that Kazakhstan is the third largest Bitcoin mining hub after the United States and China. According to an announcement in October, this CBDC will be integrated with BNB Chain. The goal is to promote financial inclusion, and improve innovation and competition, both in global and domestic markets. Kazakhstan has announced the legalization of mechanisms for converting cryptocurrencies to cash.