Kazakhstan looks to develop its own instant payment system

21 March 2020 15:52 (UTC+04:00)

By Trend

Possibility for development of instant payment system is being considered in Kazakhstan, Trend reports with reference to Kazakh media.

The draft of the corresponding law on regulation of digital technologies was presented by Kazakhstan’s Minister of Digital Development, Innovations and Aerospace Industry Askar Zhumagaliyev during the meeting of Kazakhstan’s Majilis (lower house of the parliament).

Zhumagaliyev said that the document regulates norms of instant payments system introduction.

"Creation of the system will give the opportunity to Kazakh residents, small and medium business to quickly and comfortable make money transactions any time in any place," he said.

The minister also added that the document proposes to define terms such as digital asset, mining, token, block-chain technology on the legislative level, as well as to assign a digital asset to property.

"Definition of the ‘intellectual robot’ notion is overseen, as well as consolidation of responsibility of the person acting as the owner of the robot," he said.

Zhumagaliyev noted during the presentation that these innovations will allow to strengthen competitiveness in area of digital technologies, as well as to create efficient feedback with the public.

Kazakhstan is currently actively developing the Digital Kazakhstan state program, which is aimed at development, implementation and development of digital technologies in key sectors of the country's economy.