On July 14, PANews reported that Timur Suleimenov, the head of the Central Bank of Kazakhstan, stated that the country plans to allocate gold foreign exchange reserves and national fund assets to cryptocurrency assets. He mentioned that Kazakhstan has established a gold foreign exchange reserve and a national fund alternative investment portfolio, adopting an aggressive strategy to achieve higher returns, and has studied the experiences of funds in Norway, the United States, and the Middle East. Some of these funds directly invest in cryptocurrency assets, while others invest in related ETFs and stocks, but on a smaller scale. The central bank 'does not rule out' allocating part of the gold foreign exchange reserves alternative investment portfolio funds to cryptocurrency industry-related funds. He cautioned that such assets have high returns but also significant volatility, so one should not act hastily. Additionally, Kazakhstan hopes to establish a national cryptocurrency reserve to store confiscated digital assets. If companies represent the state in mining, some assets could be included in the reserve through taxes and other means, as similar practices already exist in the world.
Previously, on June 30, Suleimenov stated that Kazakhstan plans to establish a national cryptocurrency reserve, with funds coming from digital assets seized in cases and tokens mined from state-owned mines.
