Kazakhstan’s central bank may invest part of gold and foreign currency reserves in crypto funds

What’s new? The National Bank of Kazakhstan considers the possibility of investing part of the gold and foreign currency reserves and the National Fund in cryptocurrency assets. Chairman of the regulator Timur Suleimenov explained that for investment are considered primarily related to the crypto industry funds.

Material by the “Capital”publication

What else is known? Suleimenov specified that the central bank has an alternative portfolio of gold and foreign currency reserves and the National Fund, with which more aggressive investment strategies are used to obtain high returns. This portfolio can also be used for crypto investment.

Such an idea came from the study of international experience, but the head of the central bank emphasized that it requires a serious approach and cannot be implemented hastily.

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Last month, Suleimenov said that the central bank began to study the possibility of creating a national crypto reserve on the basis of a branch to work with alternative investments at the expense of confiscated assets and coins mined by a miner with state participation.

In addition, Suleimenov said at a government meeting on July 11 that the full-fledged launch of the central bank’s digital currency (CBDC) platform will take place in December this year.

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Currently, 257,5 billion digital tenge is in circulation, the asset has already been tested in a number of areas and has shown the effectiveness of control over the targeted spending of funds from the National Fund for the implementation of government projects.

And in May, First Vice Minister of the Ministry of Digital Development, Innovation and Aerospace Industry Tuleushin Kanysh called for a relaxation of crypto regulation to develop Kazakhstan as a regional crypto hub.

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As for the international experience of investing public funds in cryptocurrencies, the leader in this issue is the United States. Back in March, Donald Trump signed a decree on the creation of a bitcoin reserve and an altcoin fund. Initially, both will be formed with confiscated assets, and in the future will use “budget-neutral strategies” to buy more coins.

Bills to create crypto reserves are also being considered in a number of US states. In June, Texas was the first to start creating a BTC reserve using budget funds.

Bitcoin is also being accumulated by the governments of Bhutan and El Salvador, but the latter is facing pressure from the IMF because of the possible risks that crypto investment poses to financial stability.