The Central Bank of Kazakhstan is considering investing up to $300 million in cryptocurrency assets.
On November 28, the head of the National Bank Timur Suleimenov announced that part of the funds from the National Fund and foreign exchange reserves could be allocated for investments in crypto.
The Central Bank of Kazakhstan is not rushing into crypto market investments
Suleimenov clarified that $300 million is the maximum limit, but it is not necessary to spend the entire amount.
‘First, we will manage what is already in the gold and foreign exchange reserves. These funds already require allocation. Some go into gold, some into securities. Now, within the portfolio, we have identified a separate direction where we plan to invest in instruments related to digital assets. Up to $300 million is just the ceiling. In reality, we may invest $50 million, $100 million, or $250 million,’ he said.
According to him, the downturn in the crypto market makes the timing of investments less obvious. Just in the last month, bitcoin has lost more than 17% amid overall instability.
That is why the National Bank decided not to rush and to wait until the situation becomes clearer.
‘We will not make decisions without proper analysis. Right now, we are just studying the market. There is no point in rushing in with money. After such a drop, it is necessary to wait until everything settles down, and only then look for good entry points,’ he added.
The idea of cryptocurrency investments has become part of a broader strategy to update the National Bank’s foreign currency portfolio.
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Currently, its basis is gold and securities. They plan to add shares of tech companies and financial instruments related to digital assets.
As Suleimenov clarified, the money will be allocated not from the National Fund, but specifically from the gold and foreign exchange reserves.
These discussions began almost immediately after President Tokayev instructed to create a state reserve of digital assets. At that time, the press service stated that it should be focused specifically on the crypto market, ‘in accordance with modern realities.’
Since then, Kazakhstan has already taken its first steps. Through the Alem Crypto Fund and in partnership with Binance the country acquired BNB tokens.
All this fits into the global trend: more and more countries are beginning to test digital assets as part of their reserve strategies.
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This month, the Czech National Bank bought bitcoin and one of the stablecoins for $1 million for a test portfolio.
It seems that crypto is increasingly being seen as a real tool for diversification, not just a temporary fad.
