The Central Bank of Kazakhstan launched a new stage in the country's financial market - a new stablecoin pilot project linked to the national currency was launched in partnership with Solana and Mastercard. In an official statement to Cointelegraph on Tuesday, the Central Bank announced that the project was implemented within the framework of the "Digital Assets Regulatory Sandbox," specially created for the legal regulation of digital assets.
The new digital tool, called Evo (KZTE), was introduced while fully tied to the national currency of Kazakhstan - the tenge. Stablecoin is being issued by the local Eurasian Bank and the Intebix crypto exchange, while the Solana blockchain serves as the main technological foundation. At the same time, Mastercard also aims to integrate the project into a broader financial system by linking it with international stablecoin issuers.
Kazakhstan's national stablecoin is expected to serve as a bridge between cryptocurrencies and the traditional banking system. The Central Bank's statement emphasizes that the use of Evo stablecoin is very broad:
- strengthening the connection between cryptocurrency and fiat money;
- facilitation of digital asset exchange operations;
- execution of transactions through crypto-cards.
The project is considered an important part of the country's digital asset market development strategy. The goal is to form a national digital ecosystem through the introduction of innovative financial instruments and turn Kazakhstan into one of the leading players in global digital finance.
We remind you that although Evo is technically released by Intebix and Eurasian Bank, its launch and regulation process is fully ensured by the Central Bank. This guarantees the transparency and legal basis of the project.
The new stablecoin pilot is expected not only to accelerate the development of the digital economy in the country, but also to give new impetus to crypto-financial innovations in the region.
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