Kazakhstan’s central bank has established a portfolio of up to $350 million from its gold and foreign exchange reserves to invest in cryptocurrency assets. This initiative was announced by Governor Timur Suleimanov during a briefing on interest rates on Friday. The central bank is currently developing a list of instruments for investment, which extends beyond direct cryptocurrency holdings.
According to Suleimanov, the investment portfolio will include shares of high-tech companies associated with cryptocurrencies and digital financial assets. The central bank is also considering index funds and other instruments that mirror the dynamics of crypto assets. Deputy Chair Aliya Moldabekova indicated that the investments are slated to commence in April or May.
Moldabekova clarified that the central bank is not planning large-scale investments directly into cryptocurrencies. Instead, they are focusing on selecting companies that are involved with digital assets, such as those that deal with cryptocurrency infrastructure. The bank is currently in the process of carefully choosing these companies.
As of February 1, the central bank’s gold and foreign exchange reserves totalled $69.40 billion, while the assets of the Kazakhstan national fund reached $65.23 billion. The $350 million allocation represents a small portion of these overall reserves. The central bank will proceed with a measured approach to investing in this emerging asset class.
