Kazakhstan’s Investment in High-Tech
Kazakhstan’s leader, Kassym-Jomart Tokayev, has emphasized the importance of drawing substantial investment into the country’s high-tech sphere. To facilitate this, he has tasked the government alongside the national bank with creating an ambitious investment strategy amounting to nearly $1 billion aimed at promoting technological progress.
National Digital Asset Fund
As part of this initiative, Tokayev suggested forming a national digital asset fund via the investment arm of the national bank. This fund is intended to:
- Build up strategic reserves of cryptocurrency
- Integrate innovative digital assets into the country’s financial framework as it evolves
Enhancing Banking Sector Liquidity
Furthermore, Tokayev highlighted the urgent need for the creation of new financial mechanisms to enhance liquidity within the banking sector, advocating for fresh legislation in banking. This reform is designed to:
- Bolster competitive practices
- Invite new players into the market
- Promote the growth of financial technologies
- Liberalize the circulation of digital assets
Development of Digital Asset Ecosystem
Tokayev also pointed out the critical necessity to expedite the development of a fully-fledged digital asset ecosystem in Kazakhstan. Notably, he referenced the introduction of the digital tenge, a cryptocurrency that has been actively employed by the national fund to finance various projects, signaling a significant step towards modernizing the nation’s financial landscape.
