- Kazakhstan’s central bank supports a state-run crypto reserve funded by seized assets and government-linked mining.
- The initiative follows domestic crypto reforms, including CryptoCity and crackdowns on illegal exchanges.
- Kazakhstan joins global efforts, as Texas, India, and U.S. officials explore national Bitcoin reserves for economic resilience.
Kazakhstan’s central bank is moving forward with a plan to establish a national cryptocurrency reserve under state control. The initiative will likely draw funding from confiscated digital assets and mining operations managed by the government. Officials confirmed the development on Monday through a report published by state-run news agency Kazinform.
Central Bank Responds to Lawmakers on Digital Asset Strategy
The National Bank of Kazakhstan submitted a response to a parliamentary inquiry about crypto policy dated May 22. The response confirmed support for a state-backed crypto reserve. It added that the reserve could be administered through a central bank subsidiary focused on alternative investments.
Bank Chairman Timur Suleimenov addressed the risks tied to digital currencies. He explained that housing such assets within a central institution would allow for tighter risk controls and greater transparency. Authorities are currently reviewing international models as they shape Kazakhstan’s approach to crypto reserves.
CryptoCity and Crackdowns Reflect Growing Focus
The national crypto reserve forms part of a broader trend in Kazakhstan’s evolving digital asset policy. In May, President Kassym-Jomart Tokayev announced “CryptoCity,” a special zone for legal crypto transactions. Businesses within this area would accept cryptocurrencies as payment for goods and services.
At the same time, officials ramped up enforcement efforts. Authorities shut down 36 unlicensed crypto exchanges during 2024. The Interior Ministry said the action was aimed at strengthening financial oversight and fighting illegal money flows.
Kanysh Tuleushin, the country’s first vice minister of digital development, said the government is looking to ease crypto regulations. He noted that a lighter regulatory framework could turn Kazakhstan into a major regional crypto hub.
Global Momentum for National Crypto Reserves Builds
Kazakhstan’s move fits within a broader international trend toward national cryptocurrency reserves. Earlier in June, Texas authorized its own Bitcoin reserve through a new state law signed by Governor Greg Abbott. The Texas reserve is modeled after the proposed U.S. Strategic Bitcoin Reserve.
In India, political figures have also shown interest. Pradeep Bhandari, a spokesperson for the ruling BJP party, called for a pilot Bitcoin reserve last week. Meanwhile, U.S. Senator Cynthia Lummis stated that some military officials support a national Bitcoin reserve as a hedge against economic threats.
These developments signal growing acceptance of crypto at the government level. Kazakhstan’s plan represents a new phase in its digital asset policy as it looks to formalize and secure state-held cryptocurrencies under strict supervision. The central bank continues working on the reserve’s structure, with more details expected as planning advances.
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