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A Central Backed Digital Currency May Prove A Valuable Tool For Fighting Corruption, Kazakhstan Official Says
Summary: Kazakhstan's Anti-corruption Agency is calling on the government to create a traceable, central backed digital currency (CBDC) to help combat corruption in the region. Alik Shpekbayev, chairman of the Anti-corruption Agency, stated on Tuesday, July 21 that a national digital currency would reduce cash transactions, a popular means for government bribery, local news outlet Kazinform reported. ...
Kazakhstan's Anti-corruption Agency is calling on the government to create a traceable, central backed digital currency (CBDC) to help combat corruption in the region.
Alik Shpekbayev, chairman of the Anti-corruption Agency, stated on Tuesday, July 21 that a national digital currency would reduce cash transactions, a popular means for government bribery, local news outlet Kazinform reported.
He added that a digital currency would provide transparency to the movement of budgetary funds, preventing officials from syphoning portions away from their intended purpose.
Kazakhstan's government announced plans to double investments in cryptocurrency mining in early July and the Central Bank of Kazakhstan is already working towards the creation of a CBDC.
By Emily Mason
Tags: CBDC,Corruption,Kazakhstan
Link: A Central Backed Digital Currency May Prove A Valuable Tool For Fighting Corruption, Kazakhstan Official Says [Copy]
