Kazakhstan has considered investing its national funds, such as gold and foreign exchange reserves, in crypto assets. Timur Suleimenov, the governor of the country’s Central Bank, confirmed the possibility to local media at a press conference on Monday.
According to Süleimenov, Kazakhstan is currently reviewing investments made by national funds in Norway, the US, and the Middle East in cryptocurrencies or in company stocks and ETFs related to this sector. “Our gold and foreign exchange reserves, as well as the National Fund, have alternative portfolios. We are using aggressive strategies to generate higher investment returns,” Süleimenov said, adding that direct investments in cryptocurrencies are also being considered among these strategies.
However, the Central Bank Governor emphasized the volatile nature of crypto assets and stated that no hasty decisions would be made. He also noted that plans to establish a separate reserve for crypto assets seized from illicit sources are ongoing.
While Kazakhstan may have a smaller economy globally, it plays a significant role in the cryptocurrency world. The country controls approximately 13% of the global Bitcoin mining hashrate.
*This is not investment advice.
