Kazakhstan's National Bank Launches ÚKI Digital Asset as Part of Gold Coin Venture
Astana, Kazakhstan is gearing up for the launch of a novel digital investment product with their Gold Coin project on the 17th of March. Let's break it down!
This innovative project offers an investment coin in a digital format, mirroring the ÚKI, an actual coin made of pure gold. Each coin weighs a whopping 31.1 grams (about a troy ounce) and boasts a face value of 100 tenge, translating to a mere $0.2.
As per a press release from the National Bank on March 13th, the Gold Coin project aims to provide Kazakhstan's residents with an alternative method of investment, catering to the digital economy and modern technology. The team behind this project envisions each Gold Coin as representing 1/20 of a troy ounce of gold, its worth determined by the London Bullion Market Association's (LBMA) gold price and the day-before-transaction tenge to USD exchange rate from the National Bank.
Get your hands (or rather, your smartphone) on this digital gold with Astana International Exchange's (AIX) Tabys mobile app, allowing you to buy, sell, and even gift Gold Coins online. Achieve 20 units, and exchange your virtual spoils for a flesh-and-blood ÚKI, available at any of the National Bank branches come the 17th of March.
But here's where things get interesting! Historically, Kazakhstan's National Bank has been a frontrunner in digital financial infrastructure development. In November 2023, they introduced Digital Tenge, a programmable central bank digital currency (CBDC). Yet, the specifics around Gold Coins—purchasing, selling, and exchanging for physical gold—remain partial and warrants further investigation.
If trends from other digital gold projects have taught us anything, the process roughly follows these steps: tokenization (gold is broken down into digital units), blockchain integration (ensuring transparency and security), user purchases and sales with available currencies or digital assets, and the option to swap digital tokens for physical gold coins. To paint a more clear picture, we encourage staying tuned for official announcements and guidelines from the National Bank of Kazakhstan.
So, folks, are you ready to take the leap and dip your toes into the world of digital gold? Stay tuned for more updates and remember: where there's risk, there's usually a reward! 🍻🚀🚀🚀
This project, launched in Astana, Kazakhstan on March 17th, combines finance and technology by offering a digital investment product in the form of Gold Coins. The National Bank's Gold Coin project aims to provide residents with an alternative digital investment method, integrating modern technology into finance.
