Kazakhstan to Launch National Cryptocurrency Reserve Fund with International Assets

Kazakhstan is preparing to establish a national cryptocurrency reserve fund valued between $500 million and $1 billion, using recovered assets from abroad. Governor Timur Suleimenov of Kazakhstan’s central bank stated the fund will invest in ETFs and stocks of companies involved in digital currencies. While exploring direct cryptocurrency investments cautiously, he expressed optimism that the fund could be operational by the end of this year or early 2024. The central bank previously initiated a national crypto reserve fund with an initial investment in BNB, and is now considering utilizing gold and foreign exchange reserves for cryptocurrency purchases.