According to Cointelegraph, Kazakhstan's sovereign wealth fund plans to include cryptocurrency as part of the national reserves. The head of the National Bank, Timur Suleimenov, stated that the central bank is exploring high-yield investment strategies, including investing in crypto-related funds.
Suleimenov mentioned investment models from Norway, the United States, and the Middle East, where sovereign wealth funds and governments hold crypto assets or stakes in related companies. Kazakhstan also plans to establish a national reserve of crypto assets, utilizing digital assets confiscated by law enforcement agencies.
The Kazakh government is working to become a crypto hub in Central Asia, launching a digital asset payment pilot zone and a digital Tenge. Nevertheless, cryptocurrency adoption at the retail level remains limited. According to Chainalysis's 2024 Global Crypto Adoption Index, Kazakhstan ranks 57th out of 151 countries.