On June 30, the Governor of the National Bank of Kazakhstan, Mr. Timur Suleimenov, announced the plan to establish a national cryptocurrency reserve fund. This fund will be formed from digital assets seized in cases as well as tokens produced by state mining operations. The fund is expected to be managed by a subsidiary of the National Bank, operating under a sovereign wealth fund model with centralized management structure and transparent auditing mechanisms. This is a strategic move to enhance the reliability and sustainability of the national digital asset reserve in Kazakhstan.
Kazakhstan's national cryptocurrency reserve fund and its influence
Kazakhstan is currently one of the countries with a large share of the global Bitcoin hash rate, accounting for up to 13% of the world's Bitcoin computing power. After a power shortage in 2022, the government implemented a licensing system for cryptocurrency miners while seizing illegal mining equipment worth nearly 200 million USD.
The establishment of the national cryptocurrency reserve fund not only helps control the supply of tokens but also creates sustainable development momentum for the mining and management of the country's digital assets in the context of an increasingly volatile global cryptocurrency market.
International standard reserve fund management model
The cryptocurrency reserve fund is built based on the operational model of sovereign wealth funds, with a centralized and transparent management system. This ensures that digital assets are managed effectively while increasing trust from investors and international partners.
An independent and transparent auditing mechanism will be implemented to closely monitor the fund's activities, helping to minimize management risks while enhancing the country's reputation in the global cryptocurrency market.
Legal framework and development prospects of cryptocurrency in Kazakhstan
The government of Kazakhstan is building and refining the legal framework for cryptocurrency mining and trading activities, aiming to create a favorable and safe environment for businesses in this field. The licensing system for miners and strict enforcement against illegal mining activities is evidence of the country's seriousness and determination in managing and developing the cryptocurrency industry responsibly.
The establishment of a national cryptocurrency reserve fund also opens up opportunities for cooperation and attracts investors both domestically and internationally, contributing to the promotion of the digital economy and enhancing Kazakhstan's position in the global cryptocurrency industry.
Impact on the global cryptocurrency market
This move helps Kazakhstan become one of the pioneering countries in actively managing and utilizing national cryptocurrency assets. The establishment of the reserve fund not only helps stabilize the value of digital assets but also contributes to minimizing risks caused by market volatility and other external factors.
The application of a professional and transparent management model also contributes to raising the global cryptocurrency management standards, thereby promoting sustainable and responsible development in the industry.
Source: https://tintucbitcoin.com/kazakhstan-xay-dung-du-tru-tien-so/
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