KAZAKHSTAN ALSO ESTABLISHES A CRYPTO FUND
The National Bank of Kazakhstan plans to establish a state-managed crypto reserve, according to a report on Monday by the government news agency Kazinform.
Local authorities are studying the development of a crypto reserve, which would follow international practices. Generally, such reserves are funded with confiscated digital assets and state-managed crypto mining operations, as reported.
The president of the National Bank of Kazakhstan, Timur Suleimenov, acknowledged the volatility and risks associated with cryptocurrencies. He stated that placing the reserve under the control of a centralized institution would ensure adequate oversight and risk management.
A response from the national bank to a parliamentary inquiry regarding digital assets, dated May 22, also stated that the central bank supported the creation of a state-managed crypto reserve. The document suggested that it could be managed by a subsidiary of the national bank specializing in alternative investments
