Kazakhstan's President Kassym-Jomart Tokayev has announced ambitious plans to establish a national cryptocurrency reserve and create a comprehensive digital asset ecosystem by 2026. In his annual address on Monday, Tokayev directed the government to develop "a full-fledged ecosystem of digital assets as soon as possible" to maximize the return of bank money to the economy.
The president specifically proposed creating a State Fund of Digital Assets under the National Bank's Investment Corporation, which would accumulate "a strategic crypto reserve consisting of promising assets in the new digital financial system." This initiative follows reports from two months ago suggesting Kazakhstan's national bank was considering a crypto reserve funded by seized digital assets.
Tokayev also confirmed plans to transform Alatau into the region's "first fully digitalized city," utilizing crypto payments for goods and services. This "CryptoCity" project, initially speculated about in May, would represent "the future of Kazakhstan" by combining technological progress with favorable living conditions.
The announcement positions Kazakhstan among several countries exploring state-backed digital asset reserves, following similar moves by the United States under President Trump's executive order, Brazil, and Indonesia. Kazakhstan already ranks as one of the world's most significant Bitcoin mining hubs, accounting for about 13% of Bitcoin's global hashrate at its peak.