Kazakhstan will begin routing selected government expenditures worth more than 100 million tenge ($190,000) through its digital tenge platform, expanding the use of the central bank digital currency to strengthen oversight of public spending.
The government says the system will improve transparency by allowing funds to be tracked throughout the payment process and preventing them from being used for purposes other than those originally approved.
The new rules will apply to road construction and reconstruction projects, purchases of medicines and medical equipment, fuel procurement, vehicle acquisitions, selected repair works and the maintenance of national roads. The mechanism will also cover spending from the Special State Fund, budget loans issued to local authorities and specialised organisations, and grants aimed at commercialising scientific research.
The digital tenge can be programmed for specific purposes, meaning funds allocated to one project cannot be diverted elsewhere. Money earmarked for a road project, for example, cannot later be used for unrelated goods or services.
To support the system, each expenditure item will receive a unique identifier during budget planning or the public procurement process. The identifier will follow the transaction throughout the payment process, allowing authorities to track the movement of funds and verify that spending matches its intended purpose.
Payments will only be released after goods have been delivered or work has been completed. Completion certificates, electronic invoices and other supporting documents will be required before payment can proceed.
Once obligations have been verified, the Ministry of Finance and the National Bank will convert conventional non-cash tenge into digital tenge and execute the transaction.
Under the new framework, the National Bank will operate the digital tenge platform and oversee the issuance and redemption of the currency. The Treasury Committee will process budget payments and manage conversions into digital tenge, while central and local government bodies will confirm funding requirements and verify contractual obligations.
Deputy Finance Minister Asset Turysov said nearly 339 billion digital tenge (about $645 million) has already been issued.
The expansion comes as governments around the world explore central bank digital currencies as tools for improving the management of public finances. Turysov said Kazakhstan has no plans to use the digital tenge to monitor citizens' personal finances and that the initiative is limited to the administration of state spending.
A Russian oil terminal was struck by drones overnight, Ukrainian media reported. In Ukraine, a 70-year-old woman died after a Russian drone hit&nbs...
Iran’s Revolutionary Guards (IRGC) said on Wednesday they attacked two U.S. vessels and eight oil tankers in the Persian Gulf, calling the st...
Flights across some of Britain's busiest airports were thrown into chaos on Tuesday after a technical failure at air traffic control provider N...
U.S. Central Command (CENTCOM) said its forces destroyed five Iranian crude oil carriers after the Islamic Revolutionary Guard Corps (IRGC) allegedly launched two ballistic missile attacks against a U.S. Navy warship over the past two days.
A TV channel was struck during a live broadcast on Tuesday, Ukrainian President Volodymyr Zelenskyy said, as Russian strikes on Kyiv killed at least three people, the city's Mayor Vitali Klitschko said. Meanwhile, drones hit civilian infrastructure in Russia's southwestern Saratov region.
U.S. special envoys Jared Kushner and Steve Witkoff have held talks with Ukrainian President Volodymyr Zelenskyy in Kyiv on Sunday on efforts to end Russia’s war in Ukraine.
Indonesia has reopened Jakarta's main airport and four others after volcanic ash from Mount Anak Krakatau forced widespread flight cancellations, though fresh eruptions have kept authorities on alert.
Seven Indonesian airports, including two serving Jakarta, remained closed early on Monday morning because of volcanic ash from eruptions at Mount Anak Krakatau, the transport minister said. One other airport in South Sumatra has been reopened.
U.S. Central Command (CENTCOM) said its forces destroyed five Iranian crude oil carriers after the Islamic Revolutionary Guard Corps (IRGC) allegedly launched two ballistic missile attacks against a U.S. Navy warship over the past two days.
Saudi Arabia’s Delta Energy International has signed a 25-year, $200 million oil and gas contract with Afghanistan’s Ministry of Mines and Petroleum, launching exploration and extraction work in the country’s western Kushk-Tirpul basin.
Asian countries are seeking to unlock investment and ease cross-border financing as digital technologies transform financial markets, a key focus of the first CICA Finance Summit in Astana, attended by representatives from 16 member states.
Several state-owned infrastructure companies in Central Asia are preparing for potential listings in Hong Kong, as the financial hub steps up efforts to connect the region’s businesses with international investors.
Pakistan has ordered Afghan medical and dental students to return to Afghanistan, widening its repatriation drive as tensions with Kabul persist over militant attacks and cross-border security.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment