According to Queen Telegraph, Kazakhstan officials unveiled a plan to develop the country's digital currency for experts from Russia and China on Astana Financial Day 2020.
According to the Chinese Ministry of Commerce on Wednesday, Kazakhstan plans to double its investments in cryptocurrency mining by the end of this year, and continues to develop its digital currency for its central bank.
According to the report, the cryptocurrency mining project in Kazakhstan attracted 82.6 million tenge, which is equivalent to 20 million US dollars. This investment will increase by 80 million tenge in the year 2020.
Blockchain and central bank's digital currency in operation
Kazakhstan says that the development of blockchain technology gives digital currency the importance of a new process. In May 2020, Mu Xin, advisor to the President of Kazakhstan, proposed the introduction of blockchain and digital ting technology.
This will aim to combat corruption and ensure transparency in the allocation of state budget funds. In June, Kazakhstan adopted a blueprint for blockchain and digital technology.
Nowadays, the Central Bank of Kazakhstan is proving the feasibility of introducing the Teng digital currency to the Central Bank.
Zarinov, Advisor to the President of the Central Bank of Kazakhstan, stressed that the main task of the Central Bank is to maintain inflation targets and the stability of the financial market, and resolving the digital currency is the second priority. The key is to ensure that the design of the cryptocurrency system conforms to the objectives of monetary policy.
