The Central Bank of Kazakhstan is considering new sources for forming a crypto reserve.
Date: 2025-11-06 Author: Gabriel Deangelo Categories: IN WORLD
Deputy Chairman of the National Bank of Kazakhstan Sholpankulov informed members of the Majilis that the authorities are preparing a mechanism for forming a state crypto reserve. The fund will be based on crypto assets seized during investigations and criminal cases. He stated that this step will allow the confiscated digital assets to be used for maximum benefit to the country's economy.
Furthermore, the financial regulator is considering allocating a portion of the National Fund and gold and foreign exchange reserves to cryptocurrency investments. The National Fund of Kazakhstan was created to stabilize the budget and reduce dependence on price fluctuations in global commodity markets. The potential allocation of a portion of its assets to digital currencies could become a tool for diversifying state reserves and increasing their sustainability.
Sholpankulov also noted that state-owned enterprises may also participate in forming the crypto reserve. The Ministry of Digital Development is discussing the possibility of allowing such companies to mine cryptocurrency. Experts are currently assessing the risks and benefits of this move. One proposed option is for state-owned companies to provide electricity to private miners, with subsequent payment in cryptocurrency. This approach, according to representatives of the National Bank, could stimulate the development of the digital economy and improve energy efficiency.
The problem of illegal mining, however, remains pressing. According to the Financial Monitoring Agency (FMA), 17 criminal cases related to illegal cryptocurrency mining have been opened in Kazakhstan since the beginning of 2024. The total damage caused to the state by such operations is estimated at approximately 1.3 billion tenge, equivalent to approximately $2.3 million.
The initiative to create a state crypto reserve reflects Kazakhstan's desire to strengthen its position in the digital asset market and increase the transparency of cryptocurrency transactions. Authorities believe that, with the right approach, digital assets can become an additional source of revenue and enhance the stability of the financial system.
Thus, Kazakhstan is taking a step toward integrating crypto instruments into the country's economic strategy, combining traditional financial resources with innovative digital solutions.
