The National Bank of Kazakhstan is considering the possibility of issuing a stablecoin based on the digital tenge. Deputy Chairman Berik Sholpankulov said that the project will be tested in the regulatory sandbox, and the bill will be presented in August 2025. According to him, the introduction of digital assets will help to take part of the turnover of cryptocurrencies from the “gray” zone and make the market more transparent. Now there is no exact data on the scale of the crypto industry in the country, but the turnover can reach billions of dollars.
The new asset will not be a means of payment, but a tool for investment. It will allow companies to raise capital by selling digital assets, for example, against accounts receivable obligations. Such a mechanism could open up additional financial opportunities for businesses.
The development of stablecoin is part of Kazakhstan’s broader strategy to regulate the crypto market. The authorities will have to find a balance between innovation and control so as not to restrict the development of the industry.
