Kazakhstan central bank to invest up $350 million in crypto assets

Kazakhstan's central bank has formed a portfolio of up to $350 million from gold and foreign exchange reserves for investment in cryptocurrency assets, governor Timur Suleimanov said ‌on Friday.

At ⁠a ⁠briefing on interest rates, Suleimanov said: "We ​are currently developing a list of instruments in which ​we will invest. This includes not only cryptocurrency itself."

"These include shares of high-tech companies related ⁠to cryptocurrencies and ‌digital financial assets, index funds and other instruments that exhibit ⁠similar dynamics to crypto assets."


According to Central ​Bank Deputy Chair Aliya Moldabekova, the ​investments will begin in April-May.

"We are not talking about any large investment in cryptocurrencies. We are currently selecting companies that deal with ‌digital assets. For example, those involved in cryptocurrency infrastructure. We are ​currently ​in the ⁠process of selecting such companies," she said.

As of February 1, central bank gold and foreign exchange reserves stood at $69.40 billion, and the assets of the Kazakhstan national fund amounted to $65.23 billion.