Kazakhstan’s Central Bank to Channel $350 Million of Reserves into Crypto and Bitcoin Investments

The National Bank of Kazakhstan intends to allocate up to $350 million from its gold and foreign exchange reserves into investments linked to the digital asset sector, though not through direct cryptocurrency purchases. Governor Timur Suleimenov clarified that the focus will be on technology firms involved in digital asset infrastructure and index funds tracking crypto markets. This allocation represents a small fraction of the country's total reserves, which stood at approximately $69.4 billion in February. The investment program is set to begin in April or May, pending the finalization of eligible instruments. This move comes as Kazakhstan is already a major global hub for Bitcoin mining, following China's 2021 ban. Furthermore, the country is advancing consumer-facing crypto services, with two banks already offering crypto-fiat payment cards under a regulatory sandbox, and the central bank is working on a licensing framework for exchanges to integrate digital assets into the financial system while ensuring AML and tax compliance.

(Source：Bitcoin Magazine)