Tokayev: Digital tenge enhances budget transparency and cuts transaction costs
President Kassym-Jomart Tokayev emphasized that the widespread use of the digital tenge is transforming Kazakhstan’s budget expenditure management system, ensuring transparency and reducing transaction costs. Speaking at the II meeting of the Council for the Development of Artificial Intelligence, he noted that the digitalization of the economy is becoming a key requirement of the times and opens up new opportunities for Kazakhstan's development as a financial hub, Qazinform News Agency reports, citing Akorda.
Tokayev highlighted international experience, pointing to the United Arab Emirates’ plans for a fully cashless economy and China’s extensive use of digital platforms to process trillions of dollars in transactions.
He stressed that Kazakhstan had also achieved significant progress with cashless payments now exceeding 80 percent and domestic fintech companies demonstrating strong capabilities.
“The widespread use of the digital tenge fundamentally changes the situation, ensuring the transparency in targeted budget expenditures and reducing transaction costs. This will increase the country's attractiveness to global capital and create conditions for Kazakhstan to become a leading investment and financial center. In 2025, a national legal framework regulating digital financial assets and cryptocurrencies was established, opening up opportunities for the tokenization of real estate, gold, stakes in large industrial enterprises, and other real assets. The government and the National Bank should align their digital asset development strategies to transform Kazakhstan into a crypto hub,” said the Head of State.
The President also underscored the importance of switching to a "real-time economy. He noted that traditional bureaucratic procedures and lengthy approvals reduce efficiency by up to 30 percent, while audits are conducted at the end of the tax period, after budget funds have already been spent. A platform approach, enhanced by artificial intelligence, will enable positive changes, such as predictive monitoring and early detection of irregularities, he said.
“At the same time, it must be clearly understood that relying solely on government resources is a strategic mistake. The goal is to create an institutional environment in which private capital will view platform solutions as the primary means of ensuring its competitiveness. The government must make specific proposals to stimulate business,” Kassym-Jomart Tokayev said.
Earlier, it was reported Kazakhstan is set to introduce AI in industry.