Kazakhstan’s central bank is taking steps to launch a state-run cryptocurrency reserve, likely backed by seized digital assets and government-operated crypto mining.
According to a report published Monday by the state news outlet Kazinform, the National Bank of Kazakhstan is working on plans to create a centrally managed cryptocurrency reserve. Authorities aim to align the reserve with international best practices, the report noted.
The reserve would likely draw its support from digital assets confiscated by the government and profits generated by state-affiliated crypto mining operations.
Timur Suleimenov, chairman of the National Bank, acknowledged the risks and volatility associated with cryptocurrencies. However, he said placing the reserve under centralized control would allow for better risk oversight and governance.
The central bank submitted these findings as part of a broader parliamentary inquiry into digital assets, dated May 22. The report proposed that a specialized department within the central bank, focused on alternative investments, should oversee the reserve’s operations.
Kazakhstan Signals Stronger Crypto Ambitions
This move builds on a broader shift toward crypto-friendly policy in Kazakhstan. In May, President Kassym-Jomart Tokayev revealed plans to launch “CryptoCity”—a pilot zone where citizens could use cryptocurrency for everyday transactions.
At the same time, Kanysh Tuleushin, the country’s first vice minister of digital development, said that easing crypto regulations could position Kazakhstan as a major crypto hub in Central Asia.
Global Interest in National Crypto Reserves Grows
Kazakhstan’s initiative follows a growing global trend where governments explore national cryptocurrency reserves—often centered around Bitcoin.
Just last week, Pradeep Bhandari, spokesperson for India’s ruling BJP party, urged the government to pilot a Bitcoin reserve and bring clarity to its crypto policy.
In the United States, Texas Governor Greg Abbott recently signed a bill that officially greenlights the creation of the Texas Strategic Bitcoin Reserve. The move aligns with growing interest across U.S. states in building strategic Bitcoin holdings, following the example of the U.S. Strategic Bitcoin Reserve initiative.
Momentum is building even in Washington. U.S. Senator Cynthia Lummis stated earlier this month that parts of the American military support the concept of a national Bitcoin reserve as a hedge against potential economic warfare.