Kazakhstan can invest up to $700 million in crypto assets and related companies, according to the National Bank of Kazakhstan.
The central bank has set aside up to $350 million from its gold and foreign exchange reserves to invest in crypto-related assets, which may include digital assets, cryptographic technology stocks and index funds or instruments related to crypto activities, as confirmed by Governor Timur Sulaymonov in today’s interest rate briefing.
Deputy head of the Central Bank, Aliya Moldabekova, gave additional details about the period and volume, noting that real investments will start in April or May.
He emphasized a measured approach to this initiative, emphasizing the companies that build and maintain the crypto infrastructure.
“We are not talking about large investments in cryptocurrencies. Now we are choosing companies that deal with digital assets,” said Moldabekova, pointing to companies related to crypto infrastructure as the main targets for allocating resources.
According to the central bank, the reserves of the National Bank, by combining up to 350 million dollars from the National Treasury and other state assets, including confiscated crypto, can reach about 700 million dollars.
According to Reuters, the expected distribution is about 0.5% of the reserves of the Central Bank and the assets of the National Treasury.
Bloomberg reported last November that Kazakhstan plans to create a national crypto-reserve fund worth between $500 and $1 billion to diversify its oil-dependent economy. The fund will invest in crypto ETFs and digital asset companies to gain exposure to assets like Bitcoin.
