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Finance

Wallet in Telegram Launches in Uzbekistan, Expanding Crypto Access to Millions

Wallet in Telegram, a global digital asset service integrated directly into the Telegram messaging app, officially launched in Uzbekistan on December 9, opening up crypto access to more than 27 million local users. The move marks a major expansion of Telegram’s financial ecosystem and reinforces Uzbekistan’s role as a regional leader in regulated digital finance. The service allows users to buy, store, and transfer cryptocurrencies without needing to install additional applications. Registration takes only seconds, and transactions can be completed using local payment systems such as Humo, Visa, and Mastercard. Wallet currently supports Bitcoin, Toncoin, USDT, and over 200 other digital assets. According to the company, the goal is to make crypto transactions as seamless as sending a message, an especially relevant approach in Uzbekistan, where Telegram usage exceeds 88% of the internet-connected population. By embedding financial tools into an everyday platform, Wallet aims to normalize digital asset use and broaden access to global financial technologies. The technical infrastructure for Wallet’s Uzbekistan launch is provided by Asterium, the country’s largest crypto ecosystem and a key fintech player. Asterium is responsible for ensuring secure transactions, identity verification, and data protection. “Our mission at Asterium is to make working with crypto assets simple and accessible for everyone. Wallet in Telegram reflects our product philosophy: it is convenient, transparent, and secure, meaning it is genuinely useful for people,” said Komilhodja Sultonov, CEO of Asterium. The service was licensed by Uzbekistan’s National Agency for Perspective Projects (NAPP), the regulatory body overseeing the digital asset sector. Uzbekistan has developed one of Central Asia’s most comprehensive legal frameworks for crypto, with a strong focus on user protection and structured innovation. In response to questions from The Times of Central Asia, NAPP clarified how Wallet aligns with current regulations. Askarjon Zakirov, Head of the Crypto-Assets Turnover Sphere Development Department, emphasized that Uzbekistan legally distinguishes crypto assets from fiat currency. “Firstly, we say that a crypto asset is not a means of payment or a monetary equivalent,” he said. [caption id="attachment_40689" align="aligncenter" width="300"] @TCA/Sadokat Jalolova[/caption] Zakirov explained that crypto is treated as a form of property under Uzbek law. As such, transferring cryptocurrency is regarded as a transfer of property rights rather than a financial transaction with monetary obligations. Pavel Khristolubov, COO of Fintech and Web3 at Wallet in Telegram, also underscored the platform’s commitment to regulatory compliance. “It’s very important for us to operate within the framework of our license. This means we don't compete with local payment systems,” he said. Khristolubov added that Wallet users can choose between custodial services and non-custodial, on-chain options, offering varying degrees of freedom and security. Andrew Rogozov, CEO of The Open Platform (TOP), the technology company behind Wallet, described Uzbekistan as one of the world’s most dynamic digital markets. “By combining Telegram’s scale with regulatory clarity and high mobile adoption, we see Uzbekistan as a model for how emerging markets can leapfrog into convenient, technology-driven finance,” he said. Globally, Wallet in Telegram has over 150 million registered users. Its launch...

Investment Projects

EDB Establishes Investment Bridge Between Gulf Capital and Central Asian Projects

The Eurasian Development Bank (EDB), headquartered in Almaty, has opened a representative office in Abu Dhabi Global Market (ADGM), the United Arab Emirates’ international financial center, marking a strategic move to connect Gulf Cooperation Council (GCC) investors with high-potential projects across Central Asia. According to the Bank, the new platform will offer GCC investors structured investment opportunities backed by EDB analytics, regional expertise, and strong ties with the governments of its member states, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. Through this initiative, investors will gain access to infrastructure and sustainable development projects with optimized risk-return profiles. At the launch ceremony, EDB Management Board Chairman Nikolai Podguzov underscored the strategic significance of the move. “We are creating an ‘investment highway’ between Gulf capital and opportunities in Central Asia. Our new office in Abu Dhabi reinforces our role as a regional bridge, combining local knowledge with tailored financial instruments. Investors gain access to proven projects with favorable risk-return dynamics, while Central Asian economies unlock new development funding.” A centerpiece of the new platform is a specialized credit fund dedicated to financing infrastructure development in Central Asia. Registered under ADGM jurisdiction, the fund will focus on debt financing for EDB’s infrastructure portfolio. The Bank highlighted ADGM’s regulatory advantages, noting that the fund will offer Middle Eastern and global investors a secure and efficient entry point into the region’s development landscape. EDB will serve as both a structuring partner and co-investor, providing access to a diversified project pipeline. Priority Sectors for Investment Transport and Logistics: The development of the North-South Corridor could boost transit volumes through Central Asia by up to 40%, significantly reducing shipping distances between the Gulf and key Eurasian markets. Water Sector and Agribusiness: The irrigation equipment market in Central Asia is valued at approximately $426 million annually, while the broader water supply sector is worth up to $2 billion. Renewable Energy: The sector continues to attract major players such as the UAE’s Masdar, which has established a growing footprint across Central Asia. Strengthening Gulf-Central Asia Economic Ties In recent years, the Gulf states have become major trading partners and investors in Central Asia. According to EDB data, trade between the Gulf and Central Asia reached $3.3 billion in 2024, a 4.2-fold increase since 2020. Imports from the Gulf made up 80% of the total trade turnover. Top Central Asian trading partners with the Gulf in 2024 were: Turkmenistan - $2 billion (61%) Uzbekistan - $740 million (23%) Kazakhstan - $302 million (9%) The highest trade growth rates were recorded in: Turkmenistan - up 9.9 times Kyrgyzstan - up 9.5 times Uzbekistan - up 8.1 times The UAE accounted for 97% of all Gulf-Central Asia trade. For Turkmenistan, Gulf trade represented around 10% of total foreign commerce, while Kyrgyzstan’s share stood at approximately 1%, with even lower figures across other regional states. The EDB projects continued growth in trade, citing an unrealized potential of $4.9 billion, including $4.4 billion in potential Gulf exports (motor vehicles, electronics, jewelry) and $500...

Urban Development

Pakistani Developer Proposes “New Uzbekistan” Complex in Islamabad

Uzbekistan and Pakistan are exploring new avenues for cooperation in urban development, with discussions underway to construct a “New Uzbekistan” residential complex and park in Pakistan's capital Islamabad. The talks were reported by the Dunyo news agency following a meeting between Uzbekistan’s Ambassador to Pakistan Alisher Tukhtaev and representatives of Pakistani developer Habib Rafiq Pvt. Ltd. According to Dunyo, both sides discussed launching joint initiatives and strengthening long-term partnerships. Tukhtaev briefed the company’s leadership on Uzbekistan’s investment climate, including the role of free economic zones, the nationwide construction of New Uzbekistan residential areas, and the ongoing New Tashkent city project. He also highlighted the tax and customs incentives available to foreign investors, administrative support for large-scale developments, and Uzbekistan’s strategic location along key Eurasian transport corridors. Habib Rafiq’s General Manager, Aslam Malik, praised Uzbekistan’s reform efforts, stating that they offer “very favorable conditions for foreign investors, especially in construction and infrastructure.” He noted that simplified procedures and expanded business guarantees are already yielding results. “We are well aware of the changes taking place in Uzbekistan’s construction sector,” Malik said. “In recent years, the country has gained substantial experience in infrastructure development, modern housing, and new urban planning. We are interested in studying this experience and participating in future projects.” The Pakistani side also showcased its flagship Capital Smart City development, a large-scale project near Islamabad covering 2,800 hectares. The complex already features residential buildings, schools, kindergartens, sports facilities, and modern recreational parks. Construction is also underway on Silicon Village, envisioned as a local version of Silicon Valley. Malik proposed establishing a New Uzbekistan residential area and park within Capital Smart City, contributing to projects in New Tashkent, and organizing leadership visits to Uzbekistan. He also invited leading Uzbek construction companies to participate in projects in Pakistan. Abid Kabir Chima, CEO of Silicon Village, expressed interest in expanding cooperation with Uzbekistan’s technopark.

Energy Cooperation

Uzbekistan, Kyrgyzstan Strengthen Energy Ties as Kambarata-1 Project Advances

Uzbekistan and Kyrgyzstan are deepening their energy partnership as progress continues on the Kambarata-1 Hydropower Plant (HPP), one of Central Asia’s most ambitious infrastructure projects. Uzbek President Shavkat Mirziyoyev met with Kyrgyz Energy Minister Taalaibek Ibrayev in Tashkent to discuss regional energy cooperation, according to Kyrgyz news agency 24.kg, citing the Kyrgyz Ministry of Energy. The talks focused on strengthening strategic ties between the two countries, with particular emphasis on hydropower development. Both sides acknowledged the growing momentum in bilateral relations and reaffirmed their commitment to joint regional energy initiatives. Mirziyoyev underscored the importance of collaborative water and energy projects, identifying Kambarata-1 as a top priority for all three participating countries, Uzbekistan, Kyrgyzstan, and Kazakhstan. “For the effective use and joint management of the region’s hydropower potential, next year we will begin financing the construction of the Kambarata-1 Hydropower Plant together with Kyrgyzstan and Kazakhstan,” Mirziyoyev said, as quoted by the Kyrgyz Ministry of Energy. He also expressed gratitude to Ibrayev and representatives from major energy companies in the United Arab Emirates, Turkey, and Azerbaijan for supporting Uzbekistan’s efforts to attract investment and adopt advanced energy technologies. The Kambarata-1 project is a trilateral initiative involving Kyrgyzstan, Uzbekistan, and Kazakhstan. With a projected cost of $4.2 billion, the venture has already secured $5.6 billion in committed financing from international financial institutions, according to Uzbek Energy Minister Jorabek Mirzamahmudov. Mirzamahmudov noted that the most recent trilateral ministerial meeting took place in Brussels in late September, coordinated by the World Bank. The event brought together representatives from 10 major financial institutions, including the European Bank for Reconstruction and Development, the European Investment Bank, the OPEC Fund, the Asian Infrastructure Investment Bank, and the Asian Development Bank. Despite strong financial and political backing, the project faces unresolved technical concerns. At a recent parliamentary session in Bishkek, Kanatbek Abdrakhmatov, president of Kyrgyzstan’s National Academy of Sciences, warned that seismic microzonation, a critical safety assessment, has not yet been conducted at the planned construction site. Kambarata-1 is expected to have an installed capacity of 1,860 MW, a reservoir volume of 4.5 billion cubic meters, and a dam height of 256 meters. The facility will house four turbines capable of producing over 5.5 billion kWh of electricity annually. Under the current ownership structure, Kyrgyzstan will hold a 34% stake in the project, while Uzbekistan and Kazakhstan will each hold 33%.

FIFA World Cup

FIFA World Cup: Uzbekistan to Face Portugal and Colombia in Group K

Among the highlights for Uzbekistan at next year’s FIFA World Cup will be facing Portugal striker Cristiano Ronaldo in his last campaign in the event, to be held in Mexico, Canada and the United States. Uzbekistan, which has qualified for the World Cup for the first time and is ranked 50th in the FIFA rankings, is in the four-team group K, one of 12 groups in the draw that was announced on Friday in Washington D.C. Group K includes sixth-ranked Portugal; Colombia, which is 13th in the FIFA standings; and a fourth team that is yet to be decided. Either Jamaica, Democratic Republic of Congo or New Caledonia will take that last spot after facing each other in playoffs. A total of 48 teams are competing in the World Cup next year, up from 32 in previous contests. Ronaldo, 40, has said next year’s World Cup will be his last one. In Qatar in 2022, he became the first player to score at five World Cups. He currently plays for Al-Nassr in Saudi Arabia. Uzbekistan’s team is led by coach Fabio Cannavaro, a former defender who was captain of Italy’s winning team in the 2006 World Cup in Germany. Cannavaro replaced Timur Kapadze, an Uzbekistani former pro football player who led Uzbekistan’s national team to its first-ever qualification for the World Cup with a 0-0 draw against the United Arab Emirates in Abu Dhabi in June. “Everything” can happen in the World Cup, a smiling Cannavaro said after the draw was announced. “We are so happy because we are here,” the coach said, adding that he hoped the team would fight “until the end.”

Climate Change

Journal Retracts Climate Study After Discovering Errors in Uzbekistan’s Economic Data

The scientific journal Nature has retracted a high-profile article on the economic impacts of climate change after significant inaccuracies were discovered in economic data related to Uzbekistan. The study, originally published online on April 17, 2024, examined how rising global temperatures could affect economic output by mid-century. According to the retraction notice, the dataset contained serious errors in Uzbekistan’s economic indicators from 1995 to 1999, which substantially altered the study’s findings. The authors acknowledged that the results were highly sensitive to the inclusion of Uzbekistan. Upon review, they found the country’s reported economic figures during that period were inaccurate. They also noted additional complications, including inconsistencies caused by transitions between data sources, and the failure to fully account for long-term economic trends. Another methodological issue, spatial auto-correlation, which affects uncertainty estimates, had not been incorporated into the original analysis. Once the authors corrected the dataset and adjusted their methodology, the study’s conclusions changed significantly. Specifically, the projected range of climate-related economic damages by 2050 shifted from 11-29% to a broader 6-31%. The statistical likelihood that damages would differ significantly under various emissions scenarios by mid-century also fell, from 99% to 90%. Due to the scale of these changes, the authors concluded that a simple correction was insufficient and opted for a full retraction. A revised version of the study, updated with corrected data and improved methodology, has been made publicly available but has not yet undergone peer review. The authors plan to resubmit the article, and Nature has stated it will update the retraction notice if the revised version is accepted for publication. The researchers thanked the members of the scientific community who identified the discrepancies, and emphasized the importance of transparent corrections in climate science.