The National Bank of Kazakhstan is evaluating investing up to 300 million dollars (USD) in cryptocurrencies. This was stated by its president, Timur Suleimenov, who indicated that, after the recent market volatility, the authorities are analyzing different scenarios before deciding whether or not to carry out a capital injection of that magnitude.
In any case, although This figure is proposed as a maximumSuleimenov clarified that the final amount could be much lower:
«It is not that we have already allocated 300 million; It could be 50, 100 or even 250. We are still evaluating it. It is a very difficult task because the entire market has collapsed. “We are rethinking the prospects for monetization and profitability,” he noted.
The agency’s caution responds to the strong correction that cryptocurrencies suffered last month. The price of bitcoin (BTC) went from an all-time high of $126,000 in October to around $86,500 at the time of writing.
«Until good investment opportunities appear, we will not rush to make decisions. After the current drop in all digital, financial and crypto assets, we must wait for the situation to calm down,” stated Suleimenov.
So, the country analyzes the creation of a state cryptocurrency reservea project that could mark a broader shift in its economic strategy and the way it manages its assets.
As CriptoNoticias reported at the beginning of November, the vice president of the National Bank of Kazakhstan, Berik Sholpankulov, explained that the initiative would start with crypto assets confiscated by the State, and that it could subsequently be expanded through new acquisitions financed with national funds and even with a portion of gold and currency reserves.