Kazakhstan Considers Turning Part of National Fund into Cryptocurrency
Kazakhstan’s financial authorities are exploring the idea of converting a portion of the country’s National Fund assets, as well as gold and foreign exchange reserves, into digital assets such as cryptocurrency.
Proposal and Government Discussion
The initiative was presented by Berik Sholpankulov, Deputy Chairman of the National Bank, during a session of the Mazhilis, Kazakhstan’s lower house of parliament.
“We are considering the possibility of using part of the National Fund’s assets and gold and foreign exchange reserves for investment in crypto assets,”
Sholpankulov noted that any operations of this nature would only be executed through a state-controlled cryptocurrency fund that is currently under governmental discussion.
“First of all, confiscated crypto assets will be transferred to the state digital asset fund, where they will be stored as a strategic reserve of the government,”
State Mining and Energy Proposals
The Ministry of Digital Development suggested that state-owned mining companies could supply energy to private crypto mining operations in return for payments made in cryptocurrency.
Growth of Reserves and Assets
According to the National Bank, the assets of the National Fund increased by $990 million in September compared with August, reaching $62.7 billion. Gold and foreign exchange reserves also grew by $3.1 billion, totaling $57.4 billion, although foreign exchange assets slightly declined by $1 billion.
Author’s Summary
Kazakhstan’s central bank is considering channeling part of its National Fund and reserves into crypto investments, signaling a cautious but strategic shift toward digital finance.
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