Kazakhstan central bank reviews digital tenge pilot successes, next steps
The digital tenge, Kazakhstan’s central bank digital currency (CBDC), has been declared a success following a month-long pilot project. A host of business, regulatory and technical improvements are lined up for it in 2024.
During its pilot run, the digital tenge was used to provide schoolchildren with free lunches in Almaty through the local Onay card, which was originally designed for use in the transit system. The Kazpost postal system operator served as the intermediary for those transactions.
Plastic cards were issued to members of focus groups by four local banks in conjunction with Visa and Mastercard. The cards allowed users to make purchases in person or online and to withdraw cash from ATMs. The participating merchant had the option of accepting digital tenge or converting them to “non-cash” tenge.
By converting digital tenge, they were integrated into existing point-of-sale and QR systems. The cards were functional throughout and outside of Kazakhstan. The report claimed this level of interoperability was a first for a CBDC.
Great follow-up meeting with @Mastercard SVPs Selim Ergoz&Arn Vogels, building upon #UNGA78 agreements. Encouraged by the efforts in the continuous DCP implementation-opening a regional hub in Almaty, bolstering the digital #tenge, offering SME training and other 5 priority areas pic.twitter.com/cpviSwL7DM
— Yerzhan Ashikbayev (@KZAmbUS) November 28, 2023
Other experiments conducted with the digital tenge included making cross-border payments via SWIFT and issuance of CBDC-backed stablecoins on the Binance and KASE platforms. Digital tenges were used for tokenizing gold, value-added tax was collected using a smart contract, and a move-to-earn app was trialed.
Related: Uzbekistan permits two banks to issue crypto cards
The National Bank of Kazakhstan and the National Payment Corporation of Kazakhstan (NPCK), a body established in September to administer the national CBDC, have a long list of goals for 2024, including increasing the number of intermediary banks and further developing decentralized finance applications.
The agencies hope to carry out offline transactions at scale, which would dramatically increase financial inclusion in the country, since internet connectivity is limited in some regions. They will also increase participation in cross-border payment projects. Kazakhstan is an observer in Project mBridge. They also have regulatory and legislative goals that need to be implemented simultaneously, and they hope to increase digital tenge security and processing speed.
NPCK CEO Binur Zhalenov gave assurances in an interview aired on the eve of the report’s release that the digital tenge would not be used for surveillance of users.
Magazine: HK game firm to buy $100M crypto for treasury, China/UAE CBDC deal: Asia Express
A 32-year-old woman has been charged with murdering Mirshahi. However, it isn’t confirmed whether the case has ties to his involvement with crypto.
Politics
Assisted dying opponents believe they have the momentum – as Streeting criticised for ‘overstepping the mark’
Labour MPs who are opposed to legalising assisted dying believe the momentum is swinging behind their side of the campaign, Sky News has learnt.
MPs are currently weighing up whether to back a change in the law that would give terminally ill people with six months to live the choice to end their lives.
At a meeting in parliament on Wednesday, Sky News understands Labour MPs on the opposing side of the argument agreed that those who were undecided on the bill were leaning towards voting against it.
One Labour backbencher involved in the whipping operation for the no camp told Sky News: “The undecideds are breaking to us, we feel.”
The source said that many of those who were undecided were new MPs who had expressed concerns that not enough time had been given to debate the bill.
“They feel they are too new to be asked to do something as substantive as this,” they said.
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Issues that were being brought up as potential blocks to voting for the legislation include that doctors would be able to suggest assisted dying to an ill patient, they said.
The source added: “We were elected to sort the NHS out rather than assisted dying.
“And there is no going back on this – if any doubt, you should vote it out.”
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Labour MP Kim Leadbeater discusses End of Life Bill
The Terminally Ill Adults (End of Life) Bill, put forward by Labour MP Kim Leadbeater, is due to be debated on 29 November, when MPs will be given a “free vote” and allowed to vote with their conscience as opposed to along party lines.
In a recent letter to ministers, Cabinet Secretary Simon Case said the prime minister had decided to “set aside collective responsibility on the merits of this bill” and that the government would “remain neutral” on its passage and the matter of assisted dying.
There has been much debate about the bill since its details were published on Monday evening, including that the medicine that will end a patient’s life will need to be self-administered and that people must be terminally ill and expected to die within six months.
Ms Leadbeater, who has the support of former government minister Lord Falconer and ChildLine founder Dame Esther Rantzen, believes her proposed legislation is the “most robust” in the world and contains safeguards she hopes will “reassure” those who are on the fence.
They include that two independent doctors must confirm a patient is eligible for assisted dying and that a High Court judge must give their approval.
The bill will also include punishments of up to 14 years in prison for those who break the law, including coercing someone into ending their own life or pressuring them to take life-ending medicine.
She has also argued the fact terminally ill patients will have to make the choice themselves and administer the drugs themselves “creates that extra level of safeguards and protections”.
However, several cabinet ministers – including Health Secretary Wes Streeting and Justice Secretary Shabana Mahmood, who would be responsible for the new law – have spoken out against the legislation.
Mr Streeting, who has said he intends to vote against the bill owing to concerns that people might be coerced into taking their own lives, announced a review into the potential costs of assisted dying if it is implemented.
The health secretary warned that a new assisted dying law could come at the expense of other NHS services – and that there could be “trade-offs” elsewhere.
Sky News understands Ms Leadbeater has said she is “disappointed” by Mr Streeting’s comments about the bill.
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Tory MP: ‘Impossible’ for assisted dying bill to be safe
And another Labour MP who is voting for the legislation told Sky News they believed Mr Streeting had “overstepped the mark”.
“I think it’s a bit of a false exercise,” they said.
“It’s definitely going to raise eyebrows – it’s one thing to sound the alarm but he is purposefully helping the other side.”
The MP said that while it did feel “the momentum is moving away from us, a lot of it will come down to the debate and argument in the chamber”.
“Some of the scaremongering tactics might backfire,” they added.
“It’s still all to play for but it’s undoubtedly true the other side seems to be making headway at the moment.”
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Where it’s already legal and why it’s controversial
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A source close to Mr Streeting told Sky News: “Wes has approached this issue in a genuine and considerate way, setting out his own view while respecting others’ views.”
As a private member’s bill that has been put down by a backbencher rather than a government minister, the legislation will not receive as much time for consideration as a government bill – but proponents say it can always be amended and voted down at later stages.
At Prime Minister’s Questions on Wednesday, Tory MP Sir Alec Shelbrooke questioned whether enough time had been set aside to debate the bill and urged Sir Keir Starmer to allow two days, or 16 hours, of “protected time” to “examine and debate” the legislation before the vote.
Sir Keir replied: “I do think there is sufficient time allocated to it but it is an important issue.”
Health Secretary Wes Streeting has ordered his department to carry out a review of the costs of potentially changing the law to legalise assisted dying.
Mr Streeting, who intends to vote against a landmark bill on the issue, has warned that a new assisted dying law could come at the expense of other NHS services if it is implemented.
It comes as MPs weigh up whether to vote for a change in the law when given the opportunity to do so later this month.
The Terminally Ill Adults (End of Life) Bill, put forward by Labour MP Kim Leadbeater, would give terminally ill people with six months to live the choice to end their lives.
There has been much debate about the bill since its details were published on Monday evening, including that the medicine that will end a patient’s life will need to be self-administered and that people must be terminally ill and expected to die within six months.
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Ms Leadbeater, who has the support of former government minister Lord Falconer and ChildLine founder Dame Esther Rantzen, believes her proposed legislation is the “most robust” in the world and contains safeguards she hopes will “reassure” those who are on the fence.
They include that two independent doctors must confirm a patient is eligible for assisted dying and that a High Court judge must give their approval.
The Labour MP has argued the fact terminally ill patients will have to make the choice themselves and administer the drugs themselves “creates that extra level of safeguards and protections”.
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MP discusses End of Life Bill
However, several cabinet ministers – including Mr Streeting and Justice Secretary Shabana Mahmood, who would be responsible for the new law – have spoken out against the legislation.
Announcing the review, Mr Streeting said: “Now that we’ve seen the bill published, I’ve asked my department to look at the costs that would be associated with providing a new service to enable assisted dying to go forward, because I’m very clear that regardless of my own personal position or my own vote, my department and the whole government will respect the will of parliament if people vote for assisted dying.”
Ms Leadbeater has said she is “disappointed” with Mr Streeting’s comments – telling The House magazine the health secretary’s comments “suggest he hasn’t read the bill”.
While the health secretary has warned of the potential cost downsides for the NHS, his critics have pointed out there may be potential savings to be made if patients need less care because they choose to end their own lives – something Mr Streeting branded a “chilling slippery slope argument”.
“I would hate for people to opt for assisted dying because they think they’re saving someone somewhere money – whether that’s relatives or the NHS,” he said.
“And I think that’s one of the issues that MPs are wrestling with as they decide how to cast their vote.
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‘Impossible’ for assisted bill to be safe
“But this is a free vote – the government’s position is neutral.”
Speaking to reporters after delivering a speech to the NHS Providers conference in Liverpool, Mr Streeting said there were “choices and trade-offs” and that “any new service comes at the expense of other competing pressures and priorities”.
“That doesn’t mean people should vote against it on that basis,” he said.
“People need to weigh up this choice in the way that we’re weighing up all these other choices at the moment.”
Read more:
Why is assisted dying controversial – and where is it legal?
Cancelled pay rises for managers among proposed NHS reforms
MPs will debate and vote on Ms Leadbeater’s Private Member’s Bill on 29 November, in what will be the first Commons vote on assisted dying since 2015.
The government has given MPs a “free vote” on the issue, meaning they will be able to vote according to their conscience and without the pressure to conform to party lines.
In 2015, a bill by former Labour MP Rob Marris that would have made it legal for the terminally ill to end their lives was defeated in the Commons by 330 votes to 118.
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