Electronic money and digital tenge: a comparative analysis of the economic nature, emission patterns, and regulatory implications

The article is devoted to a comprehensive analysis of the electronic form of money and the digital tenge. The study is conducted in the context of accelerated digitalization of money circulation and transformation of financial institutions. The active introduction of central bank digital currencies (CBDs) is creating new challenges for monetary theory. It also affects the sphere of legal regulation and the institutional structure of the financial system. In these circumstances, there is a need to rethink the economic nature of money. Their classification needs to be clarified. The purpose of the study is to conduct a comparative analysis of the economic essence of electronic money and digital tenge. The features of their emission mechanisms are considered. The regulatory consequences of their implementation are analyzed. The scientific significance of the work consists in clarifying the categorical apparatus of modern monetary theory. Conceptual contradictions in the interpretation of the digital tenge as a new form of national currency have been identified. It is proved that, by its economic nature, the digital tenge largely reproduces the features of non-cash electronic money. The value of the research lies in developing a systematic approach to evaluating digital forms of money. Their legal regime and place in the structure of monetary circulation are determined. The work contributes to the development of the theory of non-cash money circulation. The practical significance of the results is expressed in the formation of recommendations for improving the digital tenge model. The implementation of limited programmability is proposed. The development of offline payment mechanisms is justified.

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