Article 41-2. Organization of the circulation of the digital tenge of the Law on Payments and Payment Systems

Home / Laws / Article 41-2. Organization of the circulation of the digital tenge of the Law on Payments and Payment Systems

1. In order to organize the circulation of digital tenge, the National Bank of the Republic of Kazakhstan opens digital accounts for participants of the digital tenge platform, establishes rules for the issuance, circulation and repayment of digital tenge, monitors their compliance and has the right to assign operational and technological functions, including functions for opening and servicing digital accounts, the digital tenge platform, to a legal entity of the National The Bank of the Republic of Kazakhstan.

Digital tenge can be recorded and stored on external electronic media, which also allows you to manage funds.

2. Digital tenge may be used in international payments and money transfers in accordance with the procedure established by the rules for the issuance, circulation and repayment of digital tenge, approved by the National Bank of the Republic of Kazakhstan.

3. The rules for the issuance, circulation and repayment of digital tenge should contain:

1) the procedure and conditions for the National Bank of the Republic of Kazakhstan to issue and redeem digital tenge;

2) requirements for participants of the digital tenge platform and digital account holders;

3) the conditions for termination of the digital tenge platform participant's digital account servicing activities;

4) the procedure for granting access to a digital account, suspending, resuming and terminating access to a digital account;

5) conditions and procedure for using external electronic media as a means of accounting, storing and disposing of digital tenge;

6) types of operations with digital tenge and the procedure for their execution;

7) the procedure and conditions for labeling digital tenge and applying smart contracts of digital tenge when using digital tenge, as well as their withdrawal;

8) features of the use and functioning of labeled digital tenge and smart contracts of digital tenge;

9) the procedure for risk management and continuity of the digital tenge platform of the National Bank of the Republic of Kazakhstan;

10) information security requirements of the digital tenge platform and participants of the digital tenge platform;

11) other requirements and regulations necessary for the organization and provision of digital tenge circulation.

4. The National Bank of the Republic of Kazakhstan determines the list, formats, procedure for the formation and details of electronic messages used for the interaction of the National Bank of the Republic of Kazakhstan, participants of the digital tenge platform and holders of digital accounts when making transactions with digital tenge.

5. The National Bank of the Republic of Kazakhstan ensures uninterrupted operation of the digital tenge platform.

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.

This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

President

Republic of Kazakhstan

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