Central bank digital currency and digital payment instruments: Kazakhstan’s experience between obstacles, threats and opportunities

Bibi S. Yerzhan I.
2025 Routledge

Journal of Post Keynesian Economics
2025 #48 Issue 3 575 - 603 pp.

Considering the rapid rise of privately issued cryptocurrencies, Central Bank Digital Currencies (CBDCs) have been proposed as essential tools for central banks to maintain their relevance within the traditional monetary system and ensure financial stability. In particular, CBDCs are seen as promising instruments for enhancing monetary policy transmission, especially in developing countries with complex national and international financial relationships. However, few studies have examined real-world implementation scenarios, including the associated risks and challenges. This paper explores the case of Kazakhstan, a country at the forefront of digitalization and CBDC experimentation. Kazakhstan’s experience highlights several critical challenges for CBDC design and implementation, including competition from established private digital systems, public perception issues, and the potential for authoritarian misuse of centralized digital payment infrastructures. These insights are valuable for both academics and policymakers.

central bank digital currency , Digital payments , implementation experience , Kazakhstan , risk and challenges

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Aalborg University Business School, Aalborg, Denmark
Macroeconomic Research and Forecasting Division at Monetary Policy Department, National Bank of Kazakhstan, Kazakhstan

Aalborg University Business School
Macroeconomic Research and Forecasting Division at Monetary Policy Department

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