Kazakhstan Invests $1 Billion to Boost High-Tech Sector

Kazakhstan’s President Kassym-Jomart Tokayev has outlined plans to invest up to $1 billion in bolstering the nation’s high-tech sector. To achieve this, his government and the national bank will develop an investment strategy focused on accelerating technological advancement. This includes establishing a national digital asset fund under the national bank’s investment company with the aim of accumulating strategic cryptocurrency reserves and integrating promising digital assets into the financial ecosystem. Furthermore, Tokayev has directed efforts towards injecting liquidity into the economy through new tools and the development of new banking legislation. The proposed law seeks to foster competition, attract new market participants, advance fintech initiatives, and facilitate the liberalized circulation of digital assets. Tokayev emphasizes the importance of developing a comprehensive digital asset ecosystem in Kazakhstan, referencing the successful implementation of the digital tenge for project financing through the national fund.