The National Bank of Kazakhstan is set to create a state-managed cryptocurrency reserve, as reported by Kazinform. Local officials are exploring this initiative, which aims to align with global practices. The reserve may be funded through confiscated digital assets and state-operated crypto mining. Chairman Timur Suleimenov acknowledged the inherent volatility and risks of cryptocurrencies, emphasizing that centralized control would enhance oversight and risk management. A parliamentary inquiry response from May 22 indicated the central bank's support for this reserve, potentially managed by a subsidiary focused on alternative investments. This development follows President Kassym-Jomart Tokayev's announcement of 'CryptoCity,' a pilot zone for cryptocurrency transactions. Kanysh Tuleushin, the first vice minister of digital development, noted that with streamlined regulations, Kazakhstan could emerge as a leading crypto hub in Central Asia. However, authorities are also intensifying enforcement, as evidenced by the recent crackdown on 36 illegal exchanges to combat money laundering and improve financial oversight. Read more AI-generated news on: https://app.chaingpt.org/news