Kazakhstan plans to invest gold, foreign exchange reserves and national fund assets in crypto assets

PANews reported on July 14 that according to local media Kursiv, the governor of the Central Bank of Kazakhstan, Timur Suleimenov, said that the country plans to invest its gold and foreign exchange reserves and national fund assets in crypto assets. He said that Kazakhstan has gold and foreign exchange reserves and national funds to replace investment portfolios, adopting aggressive strategies to obtain higher returns, and has also studied the experience of funds in Norway, the United States and the Middle East. Some of these funds directly invest in crypto assets, and some invest in related ETFs and stocks, but on a smaller scale. The central bank "does not rule out" replacing part of the gold and foreign exchange reserves with investment portfolio funds in crypto industry-related funds. He reminded that such assets have high returns but high volatility, and should not be rushed. In addition, Kazakhstan hopes to establish a national crypto asset reserve to store confiscated digital assets. If companies mine on behalf of the country, some assets can be included in the reserve through taxation and other forms. Similar practices have been adopted in the world.

Earlier on June 30 , Suleimenov stated that Kazakhstan plans to establish a national cryptocurrency reserve, and the funds will come from digital assets seized in cases and tokens mined by state-owned mines.