The government of Kazakhstan is analyzing the creation of a state cryptocurrency reserve, a fund intended for the storage and management of digital assets.
According to local media, the proposal was announced by Berik Sholpankulov, vice president of the National Bank, during a session of the Majilis, the Kazakh Parliament.
The official explained that, in a first stage, The fund will be made up of cryptocurrencies confiscated by the State. These digital assets will form a national strategic reserve, with the possibility of expanding in the future through new acquisitions.
Sholpankulov detailed that the Ministry of Artificial Intelligence is evaluating a new regulatory plan. The idea is to allow state energy companies participate in cryptoasset miningin association with private companies in the sector.
In this scheme, private companies would pay for energy services with digital assets. This, in order to increase state reserve holdings.
Furthermore, the vice president of the National Bank does not discarded that the country allocates a portion of national funds, as well as its gold and currency reserves, to direct purchase of cryptocurrencies.
We understand that the digital asset market is developing rapidly. That is why we consider the possibility of using part of the state capital to invest in them.
Berik Sholpankulov, vice president of the National Bank of Kazakhstan.
Kazakhstan takes a 360° turn in its vision on cryptocurrencies
Although the project is still under discussion and It was not specified which crypto assets will be acquiredthe reservation marks a possible change of course in the country’s economic policy.
The end would be diversify reserves and adapt to the growing digitalization of financial markets.
At the same time, this shift would reflect a change in the Kazakhstan regulatory strategy.
According to another report local report published last May, the country recorded an outflow of about USD 15 billion in cryptocurrencies, which exposed the weaknesses of its legal framework and the lack of protection for investors.
Faced with this scenario, the government recognized the need to strengthen market supervision and prevent new capital flight.
On that occasion, Sholpankulov explained that they will implement measures to track digital fund flows. They also plan to sanction to those who operate outside regulated channels and incorporate international technological systems. With this they plan to improve the traceability of transactions.