In January 2026, a new banking law was adopted in Kazakhstan, granting digital tenge (DT) official legal status. It is now a legal tender in the country alongside cash and non-cash money.
Why is it needed if you can already pay by card or QR? Is DT the same as cryptocurrency? Gulnara Musataeva, Chairman of the Board of Nurbank, answered these and other questions in an interview with Digital Business.
How digital tenge differs from cryptocurrency
— Many people still confuse digital tenge with cryptocurrency. What is the fundamental difference?
— Their common foundation is blockchain. But despite the use of similar technology, there are significant differences. Cryptocurrencies are not government-backed and are not official money.
Cryptocurrencies have no single issuer, are subject to volatility, and their price depends on market demand. Digital tenge is issued by the National Bank of Kazakhstan and has a fixed value of 1:1 with ordinary tenge.
Another important difference is accessibility. Digital tenge can be used offline: there is a function to "load" an amount onto a smartphone in advance and pay for goods even without Internet access. Cryptocurrencies don’t work that way.
"We have a crypto-friendly bank reputation"
— Nurbank is one of the 7 banks working with digital tenge in Kazakhstan. However, according to the National Payment Corporation, only you have implemented all eight features: from opening a digital account to converting DT. How did you achieve this?
— Nurbank began working with digital assets earlier than others. Back in 2024, together with ATAIX Eurasia, we were the first in Kazakhstan to launch a service for withdrawal of funds from a fiat balance for legal entities. This automated processes and expedited settlements between the crypto exchange and businesses.
Since 2025, we have been participating in the AFSA pilot project on digital tenge and interaction with crypto exchanges. By that time, we already had both practice and understanding of the market. This helped strengthen our reputation as a crypto-friendly bank and take a leading position in the field of digital tenge implementation.
Another factor is flexibility. Unlike large banks with cumbersome bureaucratic systems, Nurbank can more quickly implement technological solutions. I would like to specifically note the high professionalism of the team, thanks to which we were the first to implement the full functionality of working with digital tenge.
— What operations with digital tenge are already available to the bank's clients?
— As part of the digital tenge launch, Nurbank implemented the entire intended functionality: opening and maintaining digital accounts, transfers, conversions, working with earmarked funds.
All these operations are available remotely. Our clients were among the first in the country to gain remote access to a digital account through the NurBusiness internet banking. The next potential development phase is lending in DT. We are not practicing it yet, as time is needed for a detailed analysis and working out all business processes.
DT speeds up settlements in the B2B segment
— Can anyone buy digital tenge or only businesses?
— DT has not yet been released to the mass retail market. In some banks, only individual scenarios were tested. At Nurbank, operations with digital tenge are currently available only for legal entities and individual entrepreneurs. We started with businesses because the effect of implementation is most noticeable here.
For companies, this is not just another payment method. Digital tenge speeds up settlements and reduces administrative costs, especially in the B2B segment. In addition, the bank is implementing a project for accelerated VAT refunds. The use of digital tenge can reduce the tax refund period from several months to 5-15 working days. This directly affects the liquidity and stability of businesses.
— Does the state, particularly tax authorities, see operations in DT? Who has access to data on transactions in digital tenge and how is personal data protected?
— The technological aspects of transparency and data access protocols fall within the competence of the issuer - the National Bank of Kazakhstan. However, at the legal level, the same protection standards and banking secrecy apply to digital accounts as to ordinary ones.
— Can the state confiscate or seize digital tenge in the course of an investigation or in accordance with judicial rulings?
— Since this is a legal means of payment, digital accounts can be restricted and seized by court order, similar to bank accounts.
— Digital tenge is already being used in state projects. Why did it become in demand there?
— One of the key properties of digital tenge is its programmability. You can set the purpose of funds use in advance. For example, if money is allocated for school or hospital construction, it is technically impossible to buy a car or apartment with it. This reduces the risk of misuse and increases transparency in budget processes.
In June 2025, Nurbank joined a pilot project by the National Bank to implement digital tenge for marking and tracking budget fund expenditure. At the same time, second-tier banks act as intermediaries between the account holder and state body, while the marking of funds is carried out at the regulator level.
The technology has already shown effectiveness in public procurement. Therefore, the state considers digital tenge as a tool for managing republican and local budgets. At the instruction of the Prime Minister Olzhas Bektenov, state bodies and quasi-governmental companies are gradually switching to settlements in digital tenge. Around 100 large projects with budget financing are planned to connect to the system soon.
For such clients in Nurbank, the mechanism already operates: funding is received in digital form and converted into non-cash funds if necessary, without paper approvals and visits to the branch. This reduces deadlines and lessens the load on accounting departments.
"The new banking law has established understandable rules of the game"
— The full-scale implementation of DT started in December 2025. What conclusions about the integration of the new currency into the country's economy can be drawn at this stage?
— Kazakhstan is already among the countries actively developing digital currencies. Similar projects are being actively implemented in the USA, Sweden, Singapore, China, and Japan. Among neighboring countries, relevant laws have been adopted in Russia and Kyrgyzstan.
Meanwhile, Kazakhstan has advantages. Flexible regulation, the stance of the financial regulator, and the capabilities of the AFSA jurisdiction make the country more competitive in the global market. This allows attracting international companies due to transparent working rules. Moreover, the new banking law enshrines the legal status of digital tenge and digital assets. This forms understandable rules of the game and creates a reliable foundation for the development of digital financial instruments.
For the market, this is an important signal. There is confidence that these processes are long-term. In essence, the state has confirmed its readiness for systematic integration of digital tenge into the country's financial system.