Experts from China, Kazakhstan and Russia discussed the central bank digital currency plans and strategies of relevant countries

According to a document issued by the Ministry of Commerce of China on July 1, experts from Kazakhstan, Russia, China and other countries gathered at the "2020 Astana Online Financial Day" to discuss the digital currency plans and strategies of the central banks of relevant countries.

The development of blockchain technology has given digital currency new practical significance. In May 2020, Kazakh presidential adviser Mushin suggested introducing blockchain technology and digital tenge to combat corruption and ensure transparency in the allocation of state budget funds. In June, Kazakhstan passed the Outline for the Development of Blockchain and Digital Technology. In 2019, Kazakhstan's digital currency mining project attracted 82.6 million tenge (about 20 million US dollars), and the scale of investment in 2020 will increase by another 80 million tenge.

Currently, the Central Bank of Kazakhstan is demonstrating the feasibility of introducing the digital tenge. Zalenov, an adviser to the governor of the Central Bank of Kazakhstan, believes that the main task of the central bank is to maintain inflation targets and financial market stability, and digital currency solutions are secondary. The key is to ensure that the design of the digital currency system is consistent with monetary policy goals.

Kaliyev, development manager of the Astana International Financial Center (AIFC), said that AIFC is willing to provide testing support and develop a legal basis for the introduction of digital currency in Kazakhstan. Previously, Kazakhstan has formulated a cryptocurrency storage and circulation plan to regulate the storage and circulation of virtual currency through professional platforms. The AIFC agreement has included common terms in the cryptocurrency market, such as virtual currency and its classification, smart contracts, and digital wallets.