Tracking Budget Expenditures with Digital Tenge
A significant pilot project has been launched in Kazakhstan, aiming to implement digital tenge to track the expenditure of budget funds. The country’s central bank announced that as part of this project, funds allocated for the construction of a railway line from the sovereign wealth fund of the National Welfare Fund have been marked.
Transparency and Control
The project involves the use of digital tenge for all settlements in the implementation of the construction project. This approach will ensure transparency and control over how budget funds are spent, and ensure that money reaches those who have actually fulfilled their obligations.
Access and Simplification
The Central Bank of Kazakhstan stated that access to digital tenge will be through the same banking interfaces that users are already accustomed to, simplifying the transition to the new system.
Expanding to Other Areas
The government and the anti-corruption agency plan to use the results of this pilot project to develop more effective methods of controlling expenses in other areas, such as agriculture, construction, and social payments. If the pilot project proves successful, its principles may be extended to a wider range of budget expenditures.
Commitment to Innovation
The Central Bank has already presented a report to the government on the positive results of the initial stages of the project, showing Kazakhstan’s commitment to innovation in the financial sector and improving the transparency of government expenditures.
