Kazakhstan Develop a National Digital Currency to Fight Corruption, Says Local Reports
Kazakhstan's digital tenge can provide "full transparency in the movement of budgetary funds," chairman at local anti-corruption service says.
Alik Shpekbayev, Chairman of Kazakhstan's anti-corruption service, has called on the government to produce a national digital currency to fight corruption.
He reportedly stated that national digital currencies similar to China's digital yuan should provide a more transparent financial system, Reported by a local news agency on July 21.
Digital Currency is Require to decrease Cash Uses.
By the official, implementing the national digital currency should surely decrease cash transactions, which is one of the essential tools for an illicit activity like bribery.
Kazakhstan's digital tenge can stop corruption at the governmental Stage as it will give "full clarity in the movement of budgetary reserves during public acquisition," Shpekbayev added.
The official reportedly continued that the national digital currency's adoption will allow reducing transaction costs significantly. "As quickly as the digital tenge is executed successfully, we will overlook transaction charges," Shpekbayev reportedly discussed.
Shpekbayev reportedly considered China's ongoing digital currency pilot, informing the government officials that Kazakhstan is too late with its national cryptocurrency.
Kazakhstan has been making steps towards crypto adoption.
The newest report comes soon after Kazakhstan officials presented a national digital currency development program in July. Especially, Kazakhstan is preparing to increase digital currency mining investment by the end of 2020 and push the improvement of its central bank digital currency.
Kazakhstan, a post-Soviet nation, has been giving some attention to cryptocurrency-related trends in current years. The government is now apparently placed as a significant global mining center due to low electricity rates. According to local news, Kazakhstan intends to attract around $740 million in the investment of cryptocurrency-related mining projects across the following three years.
The nation has also been growing with cryptocurrency law. As reported, Kazakhstan's President Kassym-Jomart Tokayev approved a bill regulating cryptos in late June 2020.
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