Kazakhstan's Central Bank Considers Crypto Investments from Gold and Forex Reserves

The National Bank of Kazakhstan (NBK) is evaluating a significant shift in its financial strategy by potentially investing a portion of the country's gold and foreign exchange reserves into cryptocurrency. This initiative, aimed at diversifying national assets and strengthening the state's crypto reserve, was confirmed by Deputy Chairman Berik Sholpankulov during a parliamentary session on new financial legislation.

Sholpankulov stated, "We are considering using some of the assets in the National Fund and gold and foreign exchange reserves to invest in crypto assets." He clarified that the government is exploring various mechanisms to manage and expand the upcoming cryptocurrency reserve, with initial funding coming from digital assets confiscated in criminal cases. These seized assets will form the foundation of the strategic state fund and are not intended for profit-driven trading.

In 2025, Kazakhstan ramped up its gold acquisitions, increasing holdings by 32 tonnes, including 8 tonnes purchased in August alone, as reported by the World Gold Council. This contributed to the nation's total international reserves surpassing $52 billion by late summer. The NBK seeks to balance gold accumulation with crypto investments to enhance reserve diversity and economic resilience.

Furthermore, the Ministry of Digital Development is reviewing proposals for state-owned enterprises to engage in cryptocurrency mining. This could involve direct mining operations or accepting crypto payments for energy services from private miners. The move, ordered by President Kassym-Jomart Tokayev earlier this year, aligns with Kazakhstan's broader goal of becoming a Central Asian digital finance hub, with the first crypto reserve fund launched in September.