ASTANA – The National Bank of Kazakhstan (NBK) has received the Pioneering CBDC Initiative Award at this year’s CB+DC Conference, which took place on Sept. 9-11 in Nassau, Bahamas.
NBK building in Astana. Photo credit: NBK
Kazakhstan’s central bank was recognized for advancing the Digital Tenge, seen as a natural extension of the country’s growing digital finance ecosystem. The project has been spearheaded by the NBK since 2021.
Binur Zhalenov. Photo credit: NBK
“The honor recognizes the bank’s groundbreaking work on the Digital Tenge, which distinguishes itself through a strong emphasis on financial inclusion, a sophisticated technical design, and a well-defined strategic vision for the future of money,” reads the conference organizers’ LinkedIn post.
They highlight that the project sets a benchmark for “how central bank digital currencies can be designed with purpose, impact, and long-term sustainability in mind.”
“Our project shared the stage in the finals with central banks from Switzerland, the UAE, Hong Kong, and Ghana,” Binur Zhalenov, chief digital officer and advisor to the governor of the NBK, told The Astana Times in a comment for this story.
“This recognition underscores that Kazakhstan is on the right path. Digital Tenge was praised for its technological sophistication, reliability, and potential to unlock new opportunities — including fast and convenient payments, innovative financial services, and secure storage of funds,” he said.
Zhalenov acknowledges that international recognition is not an ultimate goal.
The award received by NBK. Photo credit: CB+DC Conference LInkedin
“Acting on the mandate of the head of state, we are committed – together with the government – to fully leverage the potential of Digital Tenge to ensure transparent, efficient, and targeted public spending,” he said.
Under the new banking law currently in development, the digital tenge will officially receive the status of a national currency in Kazakhstan.
“In the near future, over 100 major public projects will be launched using Digital Tenge — covering construction, social benefits, healthcare, utilities, and infrastructure. This will significantly enhance spending transparency and minimize misuse risks. Over time, Digital Tenge will gradually expand to cover all public and quasi-public expenditures,” Zhalenov said.
According to data from the Atlantic Council, as of July 2025, 137 countries and currency unions, accounting for 98% of global GDP, are exploring a digital currency, up from just 35 in May 2020. Seventy-two countries are in the advanced phase of exploration, either development, pilot, or launch.
“This award is not just recognition of what we have achieved – it is a powerful motivation to move forward. Digital Tenge is a step towards modern, transparent, and user-friendly financial services for every citizen of Kazakhstan,” he added.
Zhalenov explained in detail how the Kazakh central bank is doing digital in an April interview with The Astana Times.