Kazakhstan May Sell Gold to $350 Million Crypto Fund: Report

Previous plans of the country’s central bank indicated that it wants to establish a fund from the confiscation of crypto.

A month after initial reports of a plan to invest the Central Bank of Kazakhstan in cryptocurrencies, Governor Timur Sulaymonov today provided more details that are actually slightly different from the initial idea.

As reported by Reuters, during a briefing on interest rates, the head of the central bank said that the institution “is currently developing a list of instruments that we will invest in. This includes not only the cryptocurrency itself.”

“These include shares of high-tech companies related to cryptocurrencies and digital financial assets, index funds and other instruments that exhibit similar dynamics to crypto assets.”

The report says that the portfolio of up to 350 million dollars will be formed at the expense of other current investments, such as gold reserves and foreign exchange.

Deputy chairman Aliya Moldabekova explained that the investment will start in April-May. However, he denied that they were planning “any major investments in cryptocurrencies” before adding:

“We are currently selecting companies that deal with digital assets. For example, those involved in cryptocurrency infrastructure. We are currently in the process of selecting such companies.”

Reuters noted that the central bank held more than $69 billion in gold and foreign currency reserves as of Feb. 1, while its national treasury held about $65 billion in assets.

Notably, Kazakhstan has long considered a similar fund, but a previous report claimed it would also use “crypto seized by law enforcement” to create a digital asset pool.