The National Bank of the Republic of Kazakhstan announced the creation of a separate interbank structure within the Central Bank, which will lead the development and implementation of the digital tenge.

The official statement of the National Bank of Kazakhstan (NBK) reports that a new structural unit of the Central Bank – the National Payment Corporation (NPC JSC) will be organized on the basis of the former “Kazakhstan Center for Interbank Settlement” (KISC).

The new body will be responsible for the development and implementation of the digital tenge, as well as oversee the national payment system, including interbank clearing services, money transfers and remote digital identification.

“NPC is the legal successor of KISC and will continue to ensure the availability of services for payment market participants. The functions and tasks of the NPK will also include the further development of the digital financial infrastructure, including through the implementation of the Digital Tenge and Open Banking projects, the NBK said in a statement.

At the moment, the NBK “Digital Tenge” project is undergoing a pilot operation stage within a specially formed controlled environment consisting of real consumers and sellers. One of the main partners of the NBK in launching the currency of the Central Bank of Kazakhstan, which was created on the basis of BNB Chain, was the Binance cryptocurrency exchange.