Kazakhstan needs a digital currency that can provide "full transparency in the flow of budget funds," according to the head of the country's anti-corruption service. He adds that the project would also be needed to fight corruption. Kazakhstan and digital currency Alik Shpekbayev, chairman of the Anti-Corruption Agency of the Republic of Kazakhstan, said that national digital currencies, such as the Chinese digital yuan, should contribute to a more transparent financial system. The news was reported by local news agency Kazinform on July 21. According to the official, issuing a national digital currency should reduce cash transactions, which are one of the main tools of criminals who use banknotes for corruption purposes. Thus , he believes, digitizing the country's currency has the potential to prevent corruption at the government level, as it will provide "full transparency in the flow of budget funds during public procurement." The official continued by saying that the adoption of the country's digital currency will significantly reduce transaction costs. - Once the digital tenge is successfully implemented, we will be able to forget about transaction fees, Shpekbayev argued. Mining center Shpekbayev also mentioned the ongoing piloting of China's digital currency, warning government officials that Kazakhstan, with its current sluggishness in this field, risks being late with its own national digital currency. It is worth mentioning that his comment comes shortly after Kazakh officials presented a plan for the development of a national digital currency in early July. In addition, we already know that Kazakhstan plans to double investment in the digital currency mining market and already by the end of 2020, in addition to accelerating the development of the central bank's digital currency (CBDC). Kazakhstan is a country that has been focusing on cryptocurrencies in recent years. There are many indications that it has ambitions to become one of the main global centers of this market, especially in terms of BTC mining. Why? It is certainly influenced by the fact that it has low electricity prices. According to local reports, Kazakhstan intends to attract around $740 million in investments for cryptocurrency mining activities over the next three years. In turn, Kazakh President Kassym-Yomart Tokayev signed a law regulating the cryptocurrency market in June. Tags kazakhstan corruption tenge
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