Kazakhstan Eyes Crypto Reserves, Citing Norway and US as Models

The Kazakh Fund allegedly identified cryptocurrencies as a viable class of assets for inclusion in the country’s national reserves, with the Central Bank lesson from the strategies of allocation used in Norway, the United States and the Middle East.

According to ItalicsLocal media socket registered with the Kazakhstan Ministry of Information, the country plans to invest part of its gold and foreign exchange reserves-and also assets held by its sovereign rich fund-to-to-crying fund.

The course quoted Timur Suleimenov, head of the National Bank of Kazakhstan, who said at a press conference that the central bank examines “aggressive strategy for [generate] Higher investment income ”, which does not“ exclude ”the allocation of part of its shares in crypto related funds.

Suleimenov pointed out The Norwegian Sovereign Fund of WealthThe US government of digital property and the Middle East initiative as potential models.

These authorities “have certain investments either directly in crypto assets [exchange-traded funds] And shares of companies that are closely related to crypto assets, ”Suleimonov said.

The head of the central bank also stated that the aim of Kazakhstan is to set up a national reserve on a crypto asset using digital assets confiscated by law enforcement authorities.

The invasion of the Kazakh government into digital assets is not unexpected, as Suleimenov previously announced plans develop a national crypt reserve.

His latest comments, however, offer a wider view of the strategy, including the possible allocation of some gold and foreign exchange reserves into a crypto assets.

Related: Kazakhstan to start a crypto pilot zone for payments and adoption

Regulatory pressure on Kazakhstan to become a regional crypt leader

In addition to the administration of the state -based crypto assets, Kazakhstan extends its presence in the digital assets sector.

The government recently launched a pilot zone to support payments of digital assets and wider acceptance, part of a wider strategy that began with the introduction of its digital currency of the central bank, Digital tengeIn November 2023.

These initiatives are in line with the Kazakhstan ambitions to become The front crypto center of Central AsiaAccording to the Minister of Digital Development Kanysh Tuleushin.

However, despite the strong efforts to regulate and infrastructure, the adoption of crypto remains limited to the local or retail level.

According to the Global Crypto Adoption Index of 2024, Kazakhstan placed on 57th place out of 151 countries based on the volume of transactions, web traffic to crypto protocols and other metrics of activities.

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