Based on results of the study using this model, a final decision will be made by the end of 2022 whether to introduce the central bank digital currency in Kazakhstan.

The ultimate effect for consumers of payment services will be the priority in making the decision of whether to implement the digital tenge. The NBK model takes into account the analytical tools recommended by international organisations (WEF, G7 Summit, IMF) as well as the approaches of foreign authorities. The model also provides for studies to assess the technological feasibility of digital tenge, potential economic benefits and costs, regulatory capabilities of the system, and the potential for ecosystem development.

Technological experiments, economic modelling, design sessions with stakeholders are provided as the analysis tools. End-to-end test of digital tenge technological platform with market participants and consumers is scheduled for the Q4 2022.

According to the National Bank of Kazakhstan, this is the third form of payment that can be used alongside cash and non-cash methods. Experts note that the digital tenge allows to quickly carry out complex transactions without the participation of traditional financial institutions. In addition, it will be possible to make a payment without internet access. 

Speaking to Sputnik News, Daniyar Akishev said that the central bank was "taking a very conservative approach" towards cryptocurrencies, adding that the regulator "welcomes nothing but extremely tough restrictions". 

He added that he wants to ban the exchange of digital currencies for the national currency, the tenge, as well as cryptocurrency mining. 

According to Akishev, cryptocurrencies lead to many problems, including investors protection concerns. 

"We minimize the risks related to the national market. However, no central bank has all the instruments to control this market in the cross-border market. Therefore, at least, we must prevent this risk via the national currency," he said. 

Akishev said that cryptocurrencies are also often used in criminal activities. 

"The digital currencies are an ideal instrument for money laundering and tax evasion," he explained, adding that the central bank’s harsh stance against digital currencies was supported by the majority of Kazakhstan’s state bodies.