Kazakhstan Central Bank Approves Pilots for Gold Tokenization, QR Crypto Payments, KZTE Stablecoin

• Gold Tokenization Pilot: NBK to digitize its gold holdings, building on 32 tonnes added in 2025 amid record-high prices near $4,500 per ounce.

• QR Code Crypto Payments Trial: Testing payments despite ban on direct crypto use for goods, likely involving fiat conversion.

• Tenge Stablecoin: A KZT-pegged digital asset for facilitating regulated transactions beyond the Astana International Financial Center.

National Bank of Kazakhstan launches crypto pilots: gold tokenization, QR payments, tenge stablecoin. Explore impacts on digital finance. Stay ahead—read expert insights now!

What are the National Bank of Kazakhstan’s crypto pilot projects?

The National Bank of Kazakhstan (NBK) has greenlit three innovative pilot projects in the digital assets space to advance the country’s financial ecosystem. These include tokenizing refined gold under NBK control, testing cryptocurrency payments via QR codes, and developing a stablecoin pegged to the Kazakhstani tenge (KZT). Approved by the NBK Board, these initiatives aim to explore regulated digital asset integration while adhering to national financial policies.

How does Kazakhstan’s central bank plan to tokenize its gold reserves?

The NBK’s gold tokenization pilot targets the digitization of its substantial refined gold holdings, leveraging blockchain technology for enhanced liquidity and transparency. Kazakh media, citing the NBK press service, reported the approval, as noted by business outlet Kursiv. In 2025, Kazakhstan emerged as a major global gold buyer, adding at least 32 tonnes to reserves since January, per data referenced by Cryptopolitan in October. The NBK holds the right of first refusal on all domestically refined gold and capitalized on this, purchasing 8 tonnes in August alone.

Gold prices have surged to record highs, trading around $4,500 per troy ounce, positioning it as a preferred reserve asset. NBK Governor Timur Suleimenov previously called gold an “excellent investment product that performs better than cryptocurrencies and other financial instruments.” This pilot builds on such strengths, potentially allowing tokenized gold to serve as a digital store of value. Meanwhile, Deputy Governor Berik Sholpankulov indicated in November that the NBK might allocate portions of its gold and forex reserves to key cryptocurrencies, aligning with plans for a $1 billion national crypto reserve, with $300 million already earmarked.

Tokenization could streamline gold-backed transactions, reduce physical storage costs, and open new investment avenues for institutions and retail investors within a regulated framework. As Kazakhstan refines its digital finance laws, this project underscores the NBK’s proactive stance on blending traditional assets with blockchain innovation.

Frequently Asked Questions

What pilot projects has the National Bank of Kazakhstan approved for digital assets?

The NBK has approved three pilots: tokenization of its gold reserves, crypto payment testing via QR codes, and a tenge-pegged stablecoin issuance, as announced via its press service and covered by local media like Kursiv. These aim to test regulated digital asset applications in the economy.

Can cryptocurrencies be used for payments in Kazakhstan under the new pilots?

While direct crypto payments for goods and services remain prohibited, as stated by Agency for Regulation and Development of the Financial Market head Madina Abylkasymova, the NBK-approved QR code pilot explores payment solutions. It likely involves converting crypto to fiat via a unified interbank system by Q1 2026.

Kazakhstan to trial crypto payments via QR codes

The QR code payment pilot, approved at an NBK Board meeting, tests cryptocurrency transactions despite recent regulatory statements against using digital assets as payment means. Abylkasymova clarified that while investments in crypto are permitted, spending them directly on purchases will not be allowed under the forthcoming “On Banks and Banking Activities” law, currently in the Senate after Majilis approval.

This pilot may bridge the gap by enabling crypto-to-fiat conversions during transactions. All Kazakh banks must implement a single interbank QR code by early 2026. In October, Bybit Kazakhstan previewed a similar prototype at a Dubai forum. Bybit’s fiat and payments head, Mazurka Zeng, noted readiness to roll out app-based payments globally upon NBK approval, enhancing user accessibility across markets.

Astana pilots tenge-pegged stablecoin for digital transactions

The third pilot focuses on issuing and circulating a stablecoin backed by the Kazakhstani tenge, designed to support digital asset transactions economy-wide. Currently, such activities are limited to the Astana International Financial Center (AIFC). In September, Kazakhstan launched the Evo (KZTE) stablecoin on Solana blockchain via Intebix exchange with Mastercard support, as reported by Cryptopolitan.

This initiative paves the way for broader legalization, ensuring stability through fiat pegging and regulatory oversight. Stablecoins like KZTE could facilitate seamless cross-border and domestic transfers, reducing volatility risks associated with other cryptocurrencies.

Key Takeaways

• Strategic Gold Diversification: NBK’s 2025 gold acquisitions and tokenization pilot highlight its role as a top buyer, enhancing reserve resilience amid $4,500/oz prices.
• Regulated Payment Innovation: QR code trials enable crypto utility without direct spending, aligning with new banking laws and interbank standards by 2026.
• Stablecoin Foundation: Tenge-pegged pilots like KZTE position Kazakhstan for scalable digital transactions, supporting the $1B crypto reserve goal.

Conclusion

The National Bank of Kazakhstan’s crypto pilot projects, encompassing gold tokenization, QR code payments, and tenge-pegged stablecoins, mark a measured step toward integrating digital assets into its financial system. Drawing on substantial gold reserves, expert endorsements from leaders like Suleimenov and Sholpankulov, and progressive pilots from firms like Bybit, Kazakhstan demonstrates financial foresight. As regulations evolve, these initiatives promise to bolster economic stability and innovation—investors and institutions should monitor developments closely for emerging opportunities.