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Kazakhstan\u2019s digital tenge has the potential to provide \u201cfull transparency in movement of budgetary funds,\u201d chairman at local anti-corruption service says. The Chairman of Kazakhstan’s anti-corruption service has called on the government to develop a national digital currency to fight corruption in the country. Alik Shpekbayev, chairman of Anti-corruption Agency of the Republic of Kazakhstan, reportedly said that national digital currencies like\u00a0China\u2019s digital yuan\u00a0should contribute to a more transparent financial system. The news was\u00a0reported\u00a0by local news agency Kazinform on July 21. National digital currency is expected to cut cash transactions According to the official, an implementation of the national digital currency should inevitably reduce transactions in cash, which is one of major tools for illicit activity like bribery. Kazakhstan\u2019s digital tenge has a potential to prevent corruption at the governmental level as it will provide \u201cfull transparency in movement of budgetary funds during public procurement,\u201d Shpekbayev added. The official reportedly\u00a0continued\u00a0that the adoption of the national digital currency will allow to significantly reduce transaction costs. \u201cAs soon as the digital tenge is implemented successfully, we will be able to forget about transaction fees,\u201d Shpekbayev reportedly argued. Shpekbayev reportedly mentioned\u00a0China\u2019s ongoing digital currency pilot, warning the government officials that Kazakhstan is running the risk of being too late with its own national cryptocurrency. Kazakhstan has been making steps towards crypto adoption The latest news comes soon after Kazakhstan officials\u00a0presented a plan\u00a0of the national digital currency development in early July. Particularly, Kazakhstan is planning to double digital currency mining investment by the end of 2020 as well as to push the development of its\u00a0central bank digital currency, or CBDC. Kazakhstan, a post-Soviet country, has been paying some attention to crypto-related trends in recent years. The country is now apparently established as a\u00a0major global mining hub\u00a0due to low electricity prices. According to local reports, Kazakhstan\u00a0aims to attract about $740 million\u00a0in investment from crypto-related mining activities over the next three years. The country has also been progressing with cryptocurrency regulation. As reported, Kazakhstan\u2019s President Kassym-Jomart Tokayev\u00a0signed a bill regulating cryptocurrencies\u00a0in the country in late June 2020. Source:\u00a0https:\/\/cointelegraph.com\/news\/kazakhstan-needs-national-crypto-to-fight-corruption-says-local-official 00<\/p>\n","protected":false},"author":1,"featured_media":6353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65,64,63,23],"tags":[],"class_list":["post-6352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","category-bitcoin","category-blockchain","category-multimedia"],"yoast_head":"\n
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