Kazakhstan Considers Investing Reserves in Cryptocurrency

According to PANews, Kazakhstan's central bank is contemplating the investment of government-controlled funds and portions of the nation's gold and foreign exchange reserves into cryptocurrencies. This was disclosed by Berik Sholpankulov, the Deputy Governor of the National Bank of Kazakhstan, during a session in the lower house of the Kazakh Parliament. Sholpankulov was responding to inquiries from lawmakers who sought clarification on the operation of these reserves, the accumulation of funds, and whether the central bank would engage in buying and selling digital currencies for profit. Sholpankulov informed the parliamentarians that the government is in the process of establishing a national cryptocurrency reserve. He elaborated that assets seized in criminal cases would primarily be allocated to this new fund and maintained as a strategic reserve. Additionally, discussions are underway regarding other potential sources to supplement the reserve, including the possibility of utilizing parts of the national fund and gold and foreign exchange reserves for investment in digital assets.