National Bank of Kazakhstan warns retail investors

The National Bank of Kazakhstan and the Payment and Financial Technologies Development Center have issued a notice about frauds linked to the digital tenge project, the regulator’s press service said. 

Often perpetrators create fake websites and pages in social media to attract those who are interested in the digital tenge project.

The National Bank urges people to ignore these online resources and avoid sharing personal data or contacts.

According to the regulator, the digital tenge project doesn’t attract money from individuals. The prime aim of the project is to create new opportunities for the national currency of Kazakhstan in the field of payments and money transfers.

«Because the topic of digital currencies issued by central banks captures the interest of many people, perpetrators often use fake ads to cheat amateur investors during the launching of such projects. For instance, they did with e-krona, a digital currency by the Central Bank of Sweden and e-CNY in China,» the regulator said.

A digital tenge is a new form of money that the National Bank of Kazakhstan is expected to issue. This currency is going to be a legitimate payment tool, a measure of value and a store of value along with the current cash.