The National Bank of Kazakhstan is planning to establish a state-managed cryptocurrency reserve, according to a report released Monday by the government news agency Kazinform.
Authorities are currently examining the development of such a reserve, aiming to align with international standards. According to the report, the reserve would likely be funded through seized digital assets and revenues from state-controlled cryptocurrency mining operations.
Timur Suleimenov, Chairman of the National Bank, acknowledged the inherent risks and volatility of crypto assets. He emphasized that placing the reserve under a centralized institution would enable effective oversight and risk management.
In a response dated May 22 to a parliamentary inquiry on digital assets, the central bank reiterated its support for the creation of a state-run crypto reserve. The document proposed that the reserve could be overseen by a subsidiary of the National Bank focused on alternative investments.
Kazakhstan bets on crypto
In May, President Kassym-Jomart Tokayev unveiled plans for “CryptoCity,” a pilot zone where cryptocurrencies would be accepted for payments on goods and services.
Kanysh Tuleushin, Kazakhstan’s First Vice Minister of Digital Development, stated that streamlined regulations could position the country as a leading crypto hub in Central Asia.
Meanwhile, the government is also tightening enforcement. In 2024, authorities shut down 36 illegal cryptocurrency exchanges as part of a broader effort to combat money laundering and strengthen financial oversight.
National Cryptocurrency Reserves Gain Momentum
State-run national cryptocurrency reserves are gaining traction globally, though most of these initiatives focus exclusively on Bitcoin. Just last week, Pradeep Bhandari, spokesperson for India’s ruling BJP party, called for a pilot program to establish a Bitcoin reserve and urged greater clarity on the nation’s crypto policy.
In the U.S., Texas Governor Greg Abbott recently signed legislation authorizing the creation of the Texas Strategic Bitcoin Reserve, building on the momentum of the broader U.S. Strategic Bitcoin Reserve initiative.
Support for a national Bitcoin reserve is also growing at the federal level. U.S. Senator Cynthia Lummis revealed that some divisions within the American military back the idea, viewing it as a strategic defense against economic warfare.
