Kazakhstan runs two digital currency tracks at once: the National Bank issues the “digital tenge” as a CBDC, while a public‑private group issues Evo (KZTE), a tenge‑backed stablecoin. Officials state that the two do not compete and that the split separates state money from a private crypto gateway. The framework sets rules for banks, exchanges, payment firms plus compliance teams.
The National Bank of Kazakhstan (NBK) built the digital tenge as legal tender for interbank settlement and to harden the national payments grid. Intebix besides Eurasian Bank issue Evo under the NBK sandbox and hold one tenge for every token.
Evo uses the Solana blockchain for fast transfers as well as links to Mastercard so that crypto cards and traditional rails connect. The state also tests CryptoCity in Alatau for daily crypto payments besides a National Fund of Digital Assets seeded with seized coins and mining revenue.
Context and impact on CBDCs vs stablecoins
A draft Digital Assets Law, due in 2026, will codify issuance, custody or risk rules. The NBK announces a month ago: “The National Bank announces launch of a pilot project to issue a tenge-backed stablecoin within the National Bank’s regulatory sandbox for digital assets”.
Evo gives merchants and card schemes a crypto option, while the digital tenge secures interbank flows. Solana or Mastercard cut cross‑border friction and offer KZT on‑/off‑ramps to exchanges.
sandbox status caps legal exposure until the 2026 law sets licensing, custody next to KYC/AML duties. The National Fund of Digital Assets holds crypto to offset fiat swings as well as ties digital assets to monetary policy.
The Digital Assets Law, expected in 2026, will fix rights, duties and limits for both the digital tenge besides Evo. Until then, the sandbox or pilots such as CryptoCity will decide how the two currencies share the field.
