Kazakhstan’s central bank mulls investing gold and forex reserves in crypto
Kazakhstan's central bank is planning to establish a state cryptocurrency reserve by converting some of its existing reserves, including gold and foreign exchange, into crypto assets. Deputy Chairman of the National Bank of Kazakhstan (NBK), Berik Sholpankulov, announced that the government-controlled National Fund and crypto assets confiscated in criminal cases will contribute to this reserve. The reserve aims to enhance the country's financial stability, support economic development, and diversify its assets. Additionally, Kazakhstan is exploring options for state-owned enterprises to engage in cryptocurrency mining, while private mining firms may pay for energy services in crypto. This initiative is part of Kazakhstan's broader strategy to position itself as a cryptocurrency hub, driven by increasing gold reserves and significant investments in the sector.
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Kazakhstan Plans to Convert Reserves into Crypto Assets
Kazakhstan’s monetary authority is planning to convert portions of the nation’s reserves into crypto assets, as indicated by a senior official. Addressing lawmakers, the executive also mentioned that state-owned enterprises could contribute to the country’s new cryptocurrency reserves. This initiative highlights Kazakhstan’s growing interest in leveraging digital assets for economic strategy.
Central Bank's Intentions and Funding Sources
Deputy Chairman of the National Bank of Kazakhstan (NBK), Berik Sholpankulov, stated that the regulator is considering allocating funds from the government-controlled National Fund and gold and foreign exchange reserves to invest in crypto assets. While answering lawmakers at the Majilis, Kazakhstan’s lower parliamentary house, Sholpankulov clarified how this crypto reserve would function and accumulate resources. Additionally, crypto assets seized in criminal cases would primarily fund the new reserve and serve as a strategic asset pool.
Purpose and Role of the National Fund
Kazakhstan’s National Fund holds financial and tangible assets, which are managed by the NBK through a trust agreement with the government. The primary goals of the fund include ensuring stable social and economic growth and reducing dependency on volatile commodity markets. It acts as both a savings tool and a stabilization mechanism, providing long-term returns on low-risk investments and maintaining liquidity during economic downturns.
Kazakhstan’s Expanding Crypto Ecosystem
Kazakhstan has emerged as a significant crypto hub, especially after the influx of miners following the Chinese ban on cryptocurrency mining earlier this decade. The government, through its Ministry of Digital Development, is considering state-owned companies engaging in cryptocurrency mining. Moreover, these enterprises might supply energy to private mining firms who, in turn, could pay in crypto assets.
Strategic Use of Cryptocurrencies and Recent Developments
The establishment of a crypto reserve was ordered by President Kassym-Jomart Tokayev in September, with the first fund launched the same month. Additionally, the Republic of Kazakhstan has seen significant growth in gold reserves, acquiring 32 tonnes of gold since 2025. In August alone, the NBK purchased 8 tonnes of gold, ranking among the top global buyers. The country's net international reserves surpassed $52 billion at the end of the summer, underscoring its ambitions as a crypto and financial powerhouse in the region.