The National Bank’s latest project again shows the advantages of programmable central bank digital currency.
Kazakhstan has launched a new pilot project with its central bank digital currency (CBDC) to showcase its programmability.
Working with the Ministry of Finance, the National Bank of Kazakhstan (NBK) demonstrated a significant improvement in value-added tax (VAT) reimbursement processing.
According to NBK chief digital officer Binur Zhalenov posting on LinkedIn, VAT was automatically marked in business-to-business transactions using the digital tenge CBDC, resulting in a reduction in the waiting time for exporters’ refunds from 70-75 days to 10-15 days, “with the goal of achieving instant reimbursement in the near future.”
