Article 41-3. Issuance, repayment, replenishment and withdrawal of digital tenge from the digital account of the Law on Payments and Payment Systems

Home / Laws / Article 41-3. Issuance, repayment, replenishment and withdrawal of digital tenge from the digital account of the Law on Payments and Payment Systems

1. Digital tenge may be issued and redeemed exclusively by the National Bank of the Republic of Kazakhstan.

2. The issue of digital tenge is carried out by the National Bank of the Republic of Kazakhstan in exchange for money received from the owner of the digital account.

The repayment of digital tenge is carried out by the National Bank of the Republic of Kazakhstan by transferring an equivalent amount of money to the bank account of the digital account holder.

3. The rights of the owner of digital tenge arise from the moment of receipt of digital tenge to a digital account, except for the cases provided for by the rules for issuing, circulating and redeeming digital tenge approved by the National Bank of the Republic of Kazakhstan.

4. The digital account holder has the right to replenish the digital account with digital tenge or withdraw digital tenge from the digital account through the participant of the digital tenge platform servicing his digital account.

The procedure and conditions for depositing and withdrawing digital tenge from a digital account through a digital tenge platform participant servicing a digital account are determined by the rules for issuing, circulating and redeeming digital tenge approved by the National Bank of the Republic of Kazakhstan.

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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