The People’s Bank of China and the National Bank of Kazakhstan have signed an agreement to collaborate on central bank digital currencies ( CBDCs). This collaboration agreement, formalized during President Xi Jinping’s visit to Kazakhstan, aims to enhance CBDC research through joint initiatives and professional development.
China and Kazakhstan Sign CBDC Collaboration Agreement
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China and Kazakhstan to Collaborate on Central Bank Digital Currencies
The People’s Bank of China and the National Bank of Kazakhstan have entered into an agreement to collaborate on central bank digital currencies ( CBDCs). This agreement was formalized during President Xi Jinping’s state visit to Kazakhstan, with the two countries’ central banks signing a Memorandum of Understanding to foster cooperation on CBDC development.
The memorandum outlines a framework for both institutions to exchange insights and experiences in CBDC research. The National Bank of Kazakhstan detailed:
The parties agreed to share knowledge and expertise, carry out joint CBDC research, and develop employee competencies through joint training.
Both the National Payment Corporation of the National Bank of Kazakhstan and the Digital Currency Institute of the People’s Bank of China are set to play significant roles in executing the memorandum’s objectives. Their involvement will ensure a robust implementation of the shared goals outlined in the agreement.
Highlighting the significance of this partnership, the document underscores the value of international collaboration in the financial sector. It also reflects the commitment of both nations to embrace innovation and advance digital technologies. The National Bank of Kazakhstan remarked:
The signed document emphasizes the importance of international cooperation in the financial sphere and the aspiration of the two countries to innovations and development of digital technologies.
What are your thoughts on the collaboration between Kazakhstan and China on CBDCs? Let us know in the comments section below.
