The National Bank of Kazakhstan plans to establish a state cryptocurrency reserve, according to a Monday news agency report Kazinform.
Local authorities are studying the development of a crypto reserve, which will follow international skills. Usually, these reserves are likely to be funded by released digital assets and state-run crypto mining operations, the report said.
National Bank of Kazakhstan chairman Timur Suleimenov has identified the volatility and risks associated with crypto assets. He said the placement of a reserve under the control of a centralized institution would ensure proper administration and risk management.
A Response From the National Bank to a parliamentary inquiry about digital assets, dated May 22, it also said the central bank supported the creation of a state -governed crypto reserve. The document suggested that it could manage a national bank subsidiary that specializes in alternative investments.
Related: El Salvador bought another 12 bitcoin for country reserve despite the IMF deal
Kazakhstan’s bets in Crypto
This is just the latest in a series of reports on Kazakhstan’s adoption of cryptocurrencies. In May, President Kassym-Jomart Tokayev Plans have been announced to launch “cryptocity,” A pilot zone where cryptocurrencies can be used to pay for goods and services.
Kanysh Tuleushin, Kazakhstan’s first vice minister of digital development, said in May that with easier regulation, the country may be a leading hub of crypto In Central Asia.
At the same time, the authorities are pursuing more stringent implementation, as seen in Crackdown in 36 illegal cryptocurrency exchanges In 2024. Officials said the crackdown aimed at hindering money laundering and strengthening financial management.
Related: Crypto Asset Reserve Bill Lands in Parliament of Ukraine
National Crypto reserves grow in fame
State’s national cryptocurrency reserveS is gaining popularity worldwide, although such initiatives will usually be considered only Bitcoin (Btc) as an option. Last week, Pradeep Bhandari, spokesman for Indian BJP’s ruling party, Call for a Bitcoin Reserve pilot and clarity on the country’s approach to crypto.
Earlier this month, Texas Governor Greg Abbott signed a bill that officially allowed the Creating Texas Strategic Bitcoin Reserve. Both initiatives Follow the US Strategic Bitcoin Reserve.
The US also sees the rising momentum behind the idea. US Senator Cynthia Lummis recently stated that some divisions within the American military Support the idea of a national bitcoin reserve To reduce the threats to the economic war.
Magazine: Dangers to us are ‘front run’ in Bitcoin Reserve by other countries: Samson Mow
