Kazakhstan's National Bank, under Governor Timur Suleimenov, is evaluating cryptocurrency investments for national reserves, modeling strategies after sovereign wealth funds in the U.S., Norway, and Middle Eastern nations. The initiative aims to diversify state holdings and capture high returns despite crypto's volatility risks. Bitcoin and Ethereum are explicitly targeted for inclusion in potential allocations.
Concurrently, the central bank plans to establish a dedicated crypto reserve funded by digital assets seized from criminal cases involving unauthorized trading or mining, plus revenues from state-backed mining operations. This reserve will utilize secure cold storage solutions and serve as a long-term sovereign holding. Mining companies under government contracts may contribute portions of their output through taxes or direct payments.
Suleimenov emphasized cautious implementation: "We've looked at the experience of the Norwegian fund, the American approach... Yes, such assets can bring high returns, but they are highly volatile." The strategy includes regulatory tightening, restricting crypto trading exclusively to licensed platforms within Astana International Financial Centre and penalizing unlicensed transactions.