The head of the Kazakhstan Anti-Corruption Agency recommends the use of national digital currency to combat corruption

According to Kazinform, Alik Shpekbayev, director of the Anti-Corruption Agency of Kazakhstan, proposed the creation of a national digital currency at the board meeting of the anti-corruption drama. It pointed out that the national digital currency can reduce cash transactions and prevent corruption to a certain extent, and cash is one of the main tools used in illegal activities such as bribery. In addition, the national digital currency can also make the flow of budget funds completely transparent in the public procurement process, and can also reduce transaction costs. Lianwen previously reported that in May 2020, Kazakh presidential adviser Musin recommended the introduction of blockchain technology and digital tenge (Kazakhstan’s official currency) to combat corruption and ensure transparency in the allocation of national budget funds. In June, Kazakhstan passed the “Blockchain and Digital Technology Development Outline”. In 2019, Kazakhstan’s digital currency mining project attracted 82.6 million tenge. In 2020, the scale of investment will increase by 80 million tenge. Currently, the Central Bank of Kazakhstan is demonstrating the feasibility of introducing digital tenge.