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Venture capital

How a New Generation of Startups From Kazakhstan Attracted International Investors

A software engineering team writes code in Almaty for a parent company incorporated in Delaware. Most of its revenue comes from customers in the United States and Singapore, with the United Kingdom another important market. Until recently, this business model was unusual in Kazakhstan. It is now becoming more common as entrepreneurs launch international companies from the outset rather than focus solely on the domestic market. Rather than adapt foreign products for Kazakhstan’s population of about 20 million, these founders are developing technology for customers abroad. Their success is drawing interest from international venture capital firms and raising Kazakhstan’s profile as a source of high-growth technology companies. Growth Measured in Numbers The latest Startups and Venture Capital in Central Asia 2026 report by RISE Research shows how quickly Kazakhstan’s venture sector is growing. Venture investment reached $209 million in 2025, nearly three times the $71 million raised a year earlier. The figure also exceeded the combined total elsewhere in Central Asia. The aggregate valuation of funded startups in Kazakhstan rose to $2.16 billion. RISE Research also found that U.S.-oriented startups with roots in Kazakhstan raised more than $214 million in 2025. This helps explain the rise in international interest. Venture funds are backing companies built for global markets rather than businesses dependent on a relatively small domestic customer base. Among the best-known examples is Higgsfield AI, which develops software for creating and editing AI-generated video. The company raised $50 million in Series A financing in September 2025. An $80 million extension in January 2026 brought the round to more than $130 million and valued the company at over $1.3 billion, confirming its status as Kazakhstan’s first unicorn. Cerebra AI develops software that analyzes CT scans to help clinicians detect ischemic and hemorrhagic strokes. The platform uses the ASPECTS scale and can return an analysis within minutes. Codiplay supplies educational software and Internet of Things kits used to teach programming and hands-on electronics in 13 countries, including South Korea and the UK. The company raised $9 million in Series A financing in January 2025. Parqour develops parking management software with automated license plate recognition. Its systems operate in 22 countries and cover more than 300 parking areas. These companies work in different fields, but their businesses are built mainly around software and intellectual property, even where hardware is part of the product. That makes expansion abroad less capital-intensive and helps explain their appeal to foreign investors. Why Investors Are Paying Attention Now Kazakhstan’s emergence as Central Asia’s leading venture capital market did not happen overnight. The record investment figures of 2025 followed several years of work in the startup sector, including Astana Hub’s accelerator programs and tax incentives. More founders also began developing products for international markets. One clear sign was international recognition. Three startups with founders from Kazakhstan were accepted into Y Combinator in 2025, matching the total accepted in all previous years combined, according to RISE Research. For international investors, acceptance into the Silicon Valley accelerator provides external validation as...

1 month ago

Middle East Crisis

Iran Says Trains Resume After Reported Strike on Railway Bridge to Turkmenistan

An alleged U.S. strike on a railway bridge on a northern Iranian line crossing into Turkmenistan highlighted concerns about Central Asian trade routes in the region. Iran, however, says it has repaired the tracks and trains are running again. The reported attack on the Aq Tekeh Khan bridge near Aqqala city in Golestan province on July 9 was part of a wave of U.S. military action against Iran after tensions over the disputed Strait of Hormuz, whose shipping lanes are key to global commerce, and the collapse of a shaky ceasefire. U.S. strikes were ongoing on Friday, while Iran has carried out drone strikes on U.S. allies in the Gulf region. There were no casualties in the strike on the bridge in Golestan, according to Iranian state-affiliated media that published photographs of what appeared to be an impact crater and twisted railway tracks. The Mehr news agency cited an Islamic Revolutionary Guards Corps statement that cruise missiles hit the bridge. Reconstruction began immediately and the railway was ready for traffic less than 24 hours after the attack, the chn.ir news site and other Iranian outlets reported. Washington has not publicly commented on reports of the attack on the Aq Tekeh Khan bridge, which is part of a railway line that crosses into Turkmenistan at the Iranian border city of Incheh Borun and is a key corridor for Iranian trade with Central Asia, Russia and China. An analysis by London-based Iran International said Iran, which is under pressure from economic sanctions as well as attacks on its maritime infrastructure, relies on the route for “military logistics, civilian trade, sanctions resilience and alternative transit routes.” The reported attack on the bridge is also significant for Turkmenistan, Kazakhstan and other Central Asian countries, according to the analysis. “These countries have invested in diversified transit routes through Iran to reach Gulf ports and global markets while reducing dependence on Russian or Chinese-controlled corridors,” Iran International said. “If Iranian routes are viewed as vulnerable during conflict, governments and commercial operators may reassess their reliability.” East of the Incheh Borun railway line, another railway line between Iran and Turkmenistan crosses at the Iranian border town of Sarakhs. Iran has also been developing railway infrastructure at the border city of Loftabad, which lies between the Incheh Borun and Sarakhs lines. Shortly before Israel and the United States launched air strikes on Iran on Feb. 28, initiating the ongoing war, top railway officials from Iran and Turkmenistan met in Sarakhs to discuss ways to strengthen their cross-border railway routes. The talks were part of Iran’s effort to build “its position as a land bridge linking Central Asia to open waters,” the Tehran Times reported.

1 month ago

External debt

The Central Asia Debt Divide: Why the Region’s Borrowing Risks Are Not the Same

Central Asia’s biggest debtor is not necessarily its most vulnerable. Kazakhstan accounts for roughly two-thirds of the region’s external liabilities, but much of that debt sits on corporate balance sheets rather than the government’s. Tajikistan owes a fraction of the amount, yet remains at high risk of debt distress. The contrast highlights the Central Asia debt divide. Kyrgyzstan and Tajikistan rely more heavily on sovereign and concessional borrowing, while Uzbekistan’s external liabilities are now split almost evenly between the public and corporate sectors. Based on the latest available figures from national authorities and international financial institutions, the combined external debt of Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan approached $275 billion in early 2026. Turkmenistan has not been included in the estimate because the country does not publish comprehensive official external debt statistics that can be directly compared with those of its regional neighbors. The total is an approximate calculation compiled from national statistics rather than a regional aggregate published by a single institution. The countries also release their debt data for different reporting dates and use different classifications, requiring caution when making direct comparisons. Total external debt includes obligations owed to non-residents by governments, central banks, commercial banks, private companies, and, in some countries, local subsidiaries of foreign corporations. Government external debt is a narrower measure covering liabilities that are directly serviced or guaranteed by the state. China remains an important bilateral creditor, particularly in Kyrgyzstan and Tajikistan, while multilateral institutions provide much of the region’s infrastructure and public-sector financing. Kyrgyzstan: Rising Debt, but a Broader Creditor Base Kyrgyzstan’s public debt has risen alongside increased infrastructure spending and domestic borrowing, although its creditor base has become more diversified. A smaller share is now owed to a single bilateral lender, while multilateral financing and the domestic securities market have grown in importance. According to the Kyrgyz Ministry of Finance’s public debt data, the country’s total public debt stood at approximately $8.94 billion as of May 31, 2026, including around $6.1 billion in external obligations. The debt debate has also become part of President Sadyr Japarov’s broader economic narrative. In an interview with the Kabar national news agency published on October 8, 2025, Japarov said his government was continuing to borrow but argued that new loans were being directed toward commercial projects expected to repay their own financing rather than place an additional burden on the state budget. He also said Kyrgyzstan intended to repay its older debts by 2035. The International Monetary Fund said in its 2026 Article IV consultation that Kyrgyzstan had recorded strong economic growth for a fourth consecutive year, giving the authorities an opportunity to strengthen fiscal buffers and accelerate structural reforms. It also warned that the outlook remained exposed to significant downside risks. Kazakhstan: A Large External Debt, but a Different Risk Profile Kazakhstan accounts for the largest share of Central Asia’s external debt, but its headline figure can be misleading. Unlike several of its neighbors, the country’s external liabilities are dominated by corporate and intercompany borrowing rather...

1 month ago

Wildfire

Open Flames Extinguished at Semey Ormany as Crews Tackle Hotspots

Open flames at a 60-hectare forest fire in Kazakhstan’s Semey Ormany reserve had been extinguished by early July 17, although hundreds of personnel remained at the site tackling isolated smouldering hotspots. The fire prompted the evacuation of 190 children and 20 adults from a nearby summer camp. Police officers carried some of the youngest children to waiting vehicles as staff tried to prevent panic and move everyone out quickly. The blaze was reported on the morning of July 16 in the Kamyshenka forestry area of the reserve’s Borodulikha branch. By that afternoon, it had spread across an estimated 60 hectares. Prime Minister Olzhas Bektenov sent both ministers responsible for the response to the Abai region to oversee the operation. As of 7 a.m. on July 17, the operation involved 769 personnel, 191 vehicles, and eight helicopters. Aircraft had completed 219 water drops, delivering 474 tons of water. Crews worked through the night to contain the fire and continued soaking smouldering areas after the open flames were extinguished. [caption id="attachment_52405" align="aligncenter" width="1280"] Image: EcologyofQazaqstan[/caption] The Emergency Situations Ministry said the threat to Kamyshenka had been lifted. Ground teams and aircraft remained in place while the authorities worked toward full containment and continued monitoring the area. The fire broke out in the same reserve where 14 forestry workers died in June 2023. That blaze burned more than 60,000 hectares and caused damage estimated at 161.6 billion tenge. It also led to criminal cases and a major overhaul of the reserve’s equipment. In May 2024, a court sentenced the reserve’s acting director and the head of its Novoshulbinsk branch to seven years in prison for fire-safety violations that led to multiple deaths. The Abai regional appeals court upheld the convictions in August. Two other officials received two-year prison terms later that year, and the Prosecutor-General’s Office said in January 2025 that all criminal cases linked to the disaster had concluded. Kazakhstan has since invested in new wildfire equipment and monitoring. In June, the authorities unveiled a specialized firefighting vehicle developed after the 2023 disaster. By April, an AI early detection system using 37 cameras covered 510,000 hectares of Semey Ormany. Dangerous conditions persist across the region. Kazhydromet forecast temperatures of 35–37°C in the Abai region on July 18, with winds reaching 15–20 meters per second in the southwest. High fire danger was expected in the northwest and center of the region, with extreme fire danger in the south.

1 month ago

Electricity Shortages

Tajikistan Prepares for Another Winter Power Shortfall

Tajikistan is preparing for another autumn and winter in which electricity demand may outstrip supply. Network losses have fallen, and investment in hydropower continues, but officials say the seasonal imbalance between generation and consumption will persist. Mahmadumar Asozoda, chairman of state-owned power company Barki Tojik, said the imbalance would persist through the colder months. Asked whether electricity rationing would return, he did not rule it out. Tajikistan generates almost all of its electricity from hydropower, leaving supply tied to seasonal river flows. Output rises during the warmer months, when the country can meet domestic demand and export surplus electricity. In winter, river flows decline as electricity use increases for heating, creating a recurring shortfall. To cover part of the winter shortfall, Tajikistan plans to import electricity from Uzbekistan again. The two countries use a seasonal exchange: Uzbekistan supplies power in autumn and winter, and Tajikistan returns an equivalent volume during summer. Tajikistan imported 306 million kilowatt-hours (kWh) last winter, down from 350 million kWh a year earlier. Asozoda said the countries expect to sign a new agreement before the next autumn-winter season. Imports can ease the shortage, but they do not remove Tajikistan's dependence on hydropower or the winter drop in output. The seasonal arrangement with Uzbekistan gives Tajikistan access to power when domestic generation is lowest. As previously reported by The Times of Central Asia, Kazakhstan has signed a 20-year agreement to buy electricity from Tajikistan. Deliveries are expected to depend on additional generating capacity at the Rogun Hydropower Plant. The Nurek Reservoir stood at 888.21 meters on July 13, but Energy and Water Resources Minister Daler Juma said Tajikistan was experiencing low water levels. The country has reduced electricity exports and is retaining more water in its reservoirs for winter. Losses in the electricity system fell during the first half of 2026. At Barki Tojik's generating facilities, losses were 0.32% of output, down 0.07 percentage points from a year earlier. Losses in high-voltage transmission networks fell to 2.96%, while distribution losses dropped from 17.93% to 12.42%. Barki Tojik generated 8.89 billion kWh during the period, 2.7 million kWh less than in the first half of 2025. Hydropower plants supplied 7.93 billion kWh, while thermal plants produced 964 million kWh. The utility also bought 2.7 billion kWh from independent producers in Tajikistan and abroad, with Sangtuda-1 supplying 1.48 billion kWh. Rogun and Sangtuda-2 supplied 667.2 million kWh and 474.2 million kWh, respectively. Demand continues to rise as Tajikistan's population grows and industrial production expands, President Emomali Rahmon said in December 2025. The World Bank expects Rogun to help meet domestic needs and reduce recurring winter cuts. Rahmon has said rationing should end in 2027, when the third generating unit is scheduled to enter service, although the World Bank projects full completion in 2033. For the coming winter, Tajikistan is conserving reservoir water and arranging imports from Uzbekistan, but Asozoda's comments leave open the possibility of renewed rationing.

1 month ago

Central Asia + Japan

Patient Capital, Fast Deals: Japan and South Korea Take Different Paths into Central Asia

Japan and South Korea have reached the same strategic conclusion: Central Asia matters to their economic security. Yet they are pursuing that goal through markedly different playbooks. In December 2025, Tokyo hosted the first leaders' summit of the "Central Asia plus Japan" Dialogue, 21 years after the format was launched. All five Central Asian presidents attended. Japan set a target of three trillion yen in business projects across the region over five years - roughly $19 billion at the time - while placing critical-mineral supply chains among the summit's priority areas. The bilateral announcements were equally significant. Uzbekistan presented a proposed project portfolio worth more than $12 billion and called for a joint investment platform to advance it. Kazakhstan and Japan announced a package of public- and private-sector agreements worth $3.7 billion. These included a long-term uranium contract and an offtake agreement under which Kazakhstan's Eurasian Resources Group would supply gallium to Mitsubishi Corporation RTM Japan. The timing was no accident. By May 2026, Chinese shipments to Japan of dysprosium and terbium remained close to zero, while exports of finished rare earth magnets to Japan fell 35% from the previous month. These materials are essential to high-performance magnets. For Tokyo, diversifying critical mineral supply is no longer a distant policy objective; it is an immediate industrial requirement. South Korea has been moving toward the same destination by a different route. During then-President Yoon Suk Yeol's state visit to Kazakhstan in 2024, the two countries signed a critical minerals memorandum allowing Korean companies to participate in the exploration and development of lithium, chromium, uranium, and rare earths. Seoul is now preparing to host the first Korea-Central Asia summit on September 16-17, 2026, elevating years of bilateral and multilateral engagement to the leaders' level. [caption id="attachment_52351" align="aligncenter" width="1280"] Image: Japan Cabinet Public Affairs Office[/caption] Why Central Asia Counts Both Japan and South Korea are resource-poor manufacturing powers whose leading industries depend on secure supplies of imported minerals. South Korea imports more than 95% of the critical minerals it consumes. Japan received its own warning in 2010, when Chinese rare earth shipments were disrupted during a territorial dispute, and the pressure has returned in a sharper form in 2026. Central Asia cannot replace China in the short term, but it offers Tokyo and Seoul a credible route toward diversification. Kazakhstan and Uzbekistan combine substantial mineral potential with governments eager to attract investment, technology, and new export markets. Kazakhstan is already a major producer of uranium and chromium, and has significant copper, titanium, and rare earth prospects. In April 2025, Kazakhstan announced the possible discovery of a rare earth deposit containing more than 20 million metric tons of resources. If further exploration confirms that estimate, the country could possess one of the world's largest rare earth resource bases. However, the distinction between a resource estimate and a usable supply chain is crucial. A discovery is not a producing mine, and a mine is not a processing industry. Exploration, environmental approvals, infrastructure, separation, refining, and...

1 month ago

aviation fuel

Kazakhstan Begins Importing European Jet Fuel via the Middle Corridor

Kazakhstan has resumed importing European jet fuel through Georgia’s Batumi Oil Terminal after an eight-year break. The route gives the country another source as domestic demand continues to exceed production. The Batumi Oil Terminal, owned by Kazakhstan’s state pipeline operator KazTransOil, has resumed handling Jet A-1 fuel produced by European refineries. The first shipment, totaling 10,000 metric tons, arrived via the Black Sea and is awaiting onward transport by rail to Kazakhstan along the Trans-Caspian International Transport Route, also known as the Middle Corridor. Kazakhstan needs the additional supply because its refineries cannot meet domestic demand. As previously reported by The Times of Central Asia, jet fuel demand is expected to reach about 1.18 million metric tons in 2026. Domestic refineries are projected to produce around 750,000 metric tons, leaving a large shortfall to be covered by imports. The shortfall has grown this year amid maintenance at the Atyrau refinery and rising air traffic. Fuel supplies from Russia have also tightened. Moscow introduced temporary export restrictions to stabilize its domestic market. The restrictions created uncertainty for countries that have traditionally relied on Russian fuel. Kazakhstan has responded by looking for other import routes and expanding storage capacity. The Batumi terminal offers one alternative. On Georgia’s Black Sea coast, it connects maritime shipments with rail routes through the South Caucasus and across the Caspian Sea. The terminal is a major logistics hub on the Middle Corridor. According to KazTransOil, the terminal can handle up to 11 million metric tons of cargo a year. Its 132 storage tanks have a combined capacity of more than 585,000 cubic meters. During the first half of 2026, the Batumi Oil Terminal handled approximately 725,000 metric tons of petroleum products. Along with aviation fuel, it transships crude oil and refined products, including diesel and gasoline. The terminal also handles fuel oil and liquefied petroleum gas. The Batumi route reopened while global jet fuel supplies remain tight. Reuters reported this week that European inventories had fallen below one month’s supply, leaving the market vulnerable to disruptions caused by tensions in the Middle East. European buyers have turned to the United States and other suppliers in Africa and Asia. Kazakhstan is also expanding domestic storage capacity. The government has approved new aviation fuel facilities at airports to guard against shortages and build larger reserves. The first shipment will meet only a small part of Kazakhstan’s annual jet fuel demand. The Middle Corridor carries exports from Central Asia to Europe. The Batumi shipment shows that the corridor can also bring refined petroleum products into the region.

1 month ago

Digital Infrastructure

Kazakhstan and China Sign Deals Worth Over $15 Billion During Tokayev’s Shanghai Visit

Kazakhstan and China signed more than 70 commercial agreements worth over $15 billion during President Kassym-Jomart Tokayev’s working visit to Shanghai on July 16. The package covers artificial intelligence, digital infrastructure, transport, finance, agriculture, vehicle production, and other high-technology industries. The documents were exchanged after a roundtable with Chinese executives. Akorda did not publish a full project-by-project valuation, and the package includes both agreements and memoranda. The headline figure represents the announced value of the documents rather than money already invested or spent. AI and Industrial Projects Among the main documents was a strategic partnership agreement between Kazakhstan’s Ministry of Artificial Intelligence and Digital Development and Huawei Technologies. The Samruk-Kazyna sovereign wealth fund signed a separate agreement to acquire Huawei technology and equipment. Samruk-Kazyna, Freedom Holding, the Astana city administration, and Geely Auto Group also signed a memorandum on electric-vehicle infrastructure and the use of artificial intelligence in Kazakhstan’s automotive industry. Kazakhtelecom and China’s HV & Submarine Hengtong Group agreed on the basic principles for developing the Data Center Valley project in Ekibastuz. The planned one-gigawatt cluster is intended to combine data centers, cloud services, supercomputing facilities, AI laboratories, research institutions, training programs, and technology startups. Further agreements covered robotics and research. Qazbot Technologies signed a strategic cooperation agreement with Agibot PTE, while the Almaty city administration, NERO Group, and UBTECH Robotics agreed to develop artificial intelligence and robotics in the city. Qazaq AI Research University and the Shanghai Innovation Institute signed a cooperation memorandum. The industrial package includes an agreement between Allur Group and Li Auto to produce Li Auto vehicles in Kazakhstan. Astana Group and Chery Holding signed a technology licensing agreement for OMODA and JAECOO production at the Astana Motors Manufacturing Kazakhstan plant. Qarmet, the Development Bank of Kazakhstan, and a Chinese engineering company also agreed to cooperate on new coke oven batteries and a gas purification system. Transport and Logistics An investment agreement was signed for the first phase of a multifunctional terminal at the Port of Kuryk. Another document covers cooperation on two logistics parks at Khorgos-Eastern Gate, while Kazakhstan’s Ministry of Industry and Construction and NUCTECH agreed to work on inspection systems at border checkpoints and expand local production. Tokayev said around 85% of rail freight between China and Europe passes through Kazakhstan and that the country has invested more than $35 billion in transport and logistics infrastructure over the past 15 years. He also promoted the Smart Cargo platform, which is designed to combine customs, logistics, and commercial services in one digital system. The president also invited Chinese companies to invest in the extraction and deeper processing of critical minerals, agricultural technology, and the development of Alatau City. The government wants the new city to become a regional center for digital finance, asset tokenization, artificial intelligence, and advanced telecommunications. Tokayev said bilateral trade reached a record $49 billion in 2025, cumulative Chinese investment in Kazakhstan exceeded $30 billion, and more than 8,500 companies with Chinese participation operate in the country. Existing joint projects...

1 month ago

Public health

Kyrgyzstan Tests Public Health Emergency Response Ahead of World Nomad Games

Kyrgyzstan has carried out large-scale interagency public health emergency exercises as part of preparations for the sixth World Nomad Games, which will take place from August 31 to September 6. Authorities say health security has become one of the key components of planning for what is expected to be the country's largest international event of the year. The two-day simulation exercise was held on July 14-15 in Cholpon-Ata, in the Issyk-Kul region. It brought together representatives of the Ministry of Health, healthcare institutions, the World Health Organization (WHO), other government agencies, and international development partners. Participants rehearsed the response to a simulated outbreak of acute intestinal infection and cases of an unidentified illness during a major international gathering. Field exercises were conducted in the Kyrchyn Gorge, one of the main venues for the upcoming Games, and at the infectious diseases department of the Issyk-Kul District Center for General Medical Practice. The drills tested early detection of health threats, laboratory diagnostics, medical response, interagency coordination, and crisis communication. According to Gulbara Ishenapysova, Kyrgyzstan's Deputy Minister of Health and Chief State Sanitary Doctor, the exercises provided an opportunity to assess the country's emergency response system under conditions closely resembling a real public health crisis and to identify areas requiring further improvement. Acting WHO Representative in Kyrgyzstan Zhanara Bekenova said such exercises are essential for evaluating coordination, information sharing, and decision-making mechanisms ahead of large international events. Preparations for the Games extend well beyond sports infrastructure. As previously reported by The Times of Central Asia, the 2026 World Nomad Games mark the event’s return to Kyrgyzstan. The event is also intended to promote tourism and the country’s nomadic cultural heritage internationally. Following the exercises, the Ministry of Health plans to prepare recommendations to improve interagency cooperation and the preparedness of healthcare institutions. The recommendations will also cover risk communication and revisions to national public health emergency response plans. The sixth World Nomad Games are expected to attract participants from more than 95 countries. More than 3,000 members of sporting delegations and delegations representing culture and science are expected to attend. The event is also expected to draw more than 600 domestic and international media representatives. For more from our World Nomad Games 2026 special coverage, click here.

1 month ago

Digital Tenge

Digital Tenge Receives Official Legal Status in Kazakhstan

Beginning July 18, the digital tenge will officially become a recognized digital form of Kazakhstan’s national currency. Amendments to the country’s legislation grant the National Bank of Kazakhstan the exclusive authority to issue and circulate the digital currency, establishing a comprehensive legal framework for its wider use across the financial system. Unlike many central bank digital currency (CBDC) projects around the world, which remain at the pilot or experimental stage, Kazakhstan has already moved beyond testing into practical implementation. Rather than replacing cash or bank cards, the digital tenge has been designed primarily to improve transparency in public spending, government procurement, and the monitoring of budget expenditures. By the beginning of 2026, approximately 336.6 billion tenge, or about $640 million, worth of digital tenge had been issued, and the technology had been deployed in more than 100 pilot projects. These include public procurement, the management of National Fund resources, tax administration, government subsidies, and infrastructure financing. Programmable payment technology enables authorities to track the movement of public funds almost in real time while restricting spending according to predefined conditions. The practical use of the digital tenge continues to expand. According to the National Payment Corporation of Kazakhstan, the platform was used throughout 2025 in projects involving infrastructure financing, public procurement, business support programs, and other government initiatives. The experience gained from these projects has laid the foundation for the next stage of the digital tenge’s development. Kazakhstan remains the regional leader in the development of a central bank digital currency. Elsewhere in Central Asia, governments have concentrated on digital payments and the regulation of digital assets. As previously reported by The Times of Central Asia, Kyrgyzstan is promoting the gold-backed USDKG stablecoin for cross-border transactions, while other countries in the region have yet to move toward the practical implementation of national CBDCs. The International Monetary Fund believes the next phase of the project will depend less on further technological development than on strengthening regulation, enhancing cybersecurity, and integrating the digital tenge into Kazakhstan’s existing financial architecture. According to the IMF, these factors will determine whether the project can be successfully scaled nationwide.

1 month ago

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