Is Kazakhstan Central Bank Rolling Out CBDC?
When you think about the top countries of Bitcoin mining, Kazakhstan will come to your mind. Kazakhstan is one of the top Bitcoin mining hubs. After banning Bitcoin mining in China, many miners focus on Bitcoin mining in Kazakhstan.
It is great that Kazakhstan holds its position in Bitcoin mining, and miners feel comfortable. How about launching CBDC? Is Kazakhstan going to roll out Central Bank Digital Currency (CBDC)?
Kazakhstan central bank is working on CBDC like many other central banks. It is expected that Kazakhstan central bank will introduce CBDC in 2023 and keep expanding its functions in commercial operation till the end of 2025. They will spend enough time testing and observing how it impacts the financial system.
Many countries are working on it and pushing hard to launch CBDC. Did you think about using cryptocurrency 15 years ago? Maybe not. Now you use cryptocurrency and get involved in many things that are related to crypto. The way the central bank is working and enforcing CBDC to the people, we will see many people will start using CBDC willingly or unwillingly.
As they say, Central Bank Digital Currency (CBDC) will be fast, easy to use and lower the cost of transactions. When you first heard about cryptocurrency, you got to know how fast it is, and you can send crypto to anyone, no matter which part of the world they live in.
Fiat currency is slow, costly, and takes time to settle transactions. With CBDC, the central bank can provide way better services and it will be convenient. But what Central Bank Digital Currency (CBDC) can never deliver is decentralization.
I think more people will realize how important it is to have decentralization. Everything moves toward Web 3.0. People are more aware of their personal data and how centralized entities play their game behind the scenes. People will choose what give them security, freedom, and control.
Let's see what happens in the near future. So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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CDBC is becoming regularized in more and more countries day after day.