Kazakhstan’s central bank has set aside up to $350 million from its gold and foreign exchange reserves for investments tied to crypto assets, Governor Timur Suleimanov said on March 6, according to Reuters.
At a rate-setting briefing, Suleimanov said the bank is building a list of instruments and that the plan is not limited to buying cryptocurrency directly. The portfolio may also include shares of high-tech companies linked to crypto and digital financial assets, along with index funds and other products that tend to track crypto-market dynamics. Deputy Chair Aliya Moldabekova said the investment program is expected to begin in April or May.
Officials emphasized this is not intended to be a large-scale bet on cryptocurrencies, with the focus on selecting companies involved in digital-asset infrastructure. As of Feb. 1, the central bank’s gold and FX reserves stood at $69.40 billion, while Kazakhstan’s national fund assets were $65.23 billion, Reuters reported. Next, stakeholders will watch the final instrument list, sizing, and risk controls as the program shifts from design to execution.
Source: Reuters.
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