Kazakhstan Cryptocurrency Reserve May Use Gold, Forex Reserves

Background on Kazakhstan’s Cryptocurrency Reserve Plans

Kazakhstan is weighing the creation of a cryptocurrency reserve valued between $500 million and $1 billion by converting a portion of its National Fund assets, gold, and foreign exchange reserves. Berik Sholpankulov, deputy chairman of the National Bank, disclosed the plan during a recent parliamentary session, according to Cointelegraph and reporting by The Times of Central Asia.

The formation of this Kazakhstan cryptocurrency reserve is part of broader government discussions to expand the nation’s presence in the digital asset sector. “I think by year end, January next year, we will have it up and running,” Sholpankulov told Bloomberg Law, indicating an expedited timeline for the reserve’s rollout.

Policy Initiatives and Strategic Goals

According to Sholpankulov, the government is considering utilizing confiscated assets, transferring them into a state digital asset fund to be maintained as a strategic reserve. He added that the Ministry of Digital Development has proposed a policy where state-owned entities could provide energy to private cryptocurrency miners in exchange for crypto assets. This initiative aligns with President Kassym-Jomart Tokayev’s repeated calls to establish “a full-fledged ecosystem of digital assets” in Kazakhstan and accelerate integration of digital currencies within the national economy.

This reported move follows the launch of a state-backed crypto reserve in Kazakhstan in partnership with cryptocurrency exchange Binance in late September. Notably, Binance’s BNB token was the first digital asset in the reserve’s portfolio.

Market Reaction and Recent Regulatory Changes

Kazakhstan’s efforts in digital asset development are underpinned by regulatory actions. In October, authorities shut down 130 cryptocurrency platforms involved in money laundering and seized $16.7 million in digital assets, signaling a focus on regulatory compliance. Alongside the proposed cryptocurrency reserve, Kazakhstan is piloting its central bank digital currency and has launched a stablecoin initiative in collaboration with the Solana blockchain and Mastercard.

These measures are expected to support the broader strategic objective of strengthening Kazakhstan’s digital financial infrastructure. If approved and implemented, the Kazakhstan cryptocurrency reserve will become a significant government-led investment in digital assets in the Central Asian region.

What’s Next for Digital Assets in Kazakhstan?

Government officials are reportedly working toward establishing the reserve by early next year. As policymaking evolves and the digital asset ecosystem develops, market participants and regulators will likely monitor the effects of large-scale, state-managed crypto investments on Kazakhstan’s economy.

For more on digital asset policy developments, visit Vizi’s cryptocurrency section.

Sources

Reporting via Cointelegraph