Kazakhstan’s central bank is set to establish a state-run crypto reserve, likely funded by seized digital assets and government-linked mining.
The National Bank of Kazakhstan plans to establish a state-managed cryptocurrency reserve, according to a Monday report by government news agency Kazinform.
Local authorities are studying the development of a crypto reserve, which would follow international practices. Typically, such reserves are likely to be funded with expropriated digital assets and state-run crypto mining operations, the report said.
National Bank of Kazakhstan Chairman Timur Suleimenov acknowledged the volatility and risks associated with crypto assets. He said that placing the reserve under the control of a centralized institution would ensure proper oversight and risk management.
Read more