Kazakhstan’s central bank revealed plans to allocate up to $350 million from its gold and foreign exchange reserves to investments linked to cryptocurrencies and digital assets.
The bank’s governor, Timur Suleimanov, said the institution is developing a list of acceptable investments, which will extend beyond direct cryptocurrency holdings, according to a Reuters report on Friday.
The country became a major bitcoin
The investment strategy is expected to include shares of high-tech companies connected to digital assets, cryptocurrency infrastructure firms and index funds whose performance tracks crypto markets.
Deputy central bank chair Aliya Moldabekova said the investments would be made in April and May, emphasizing that authorities are taking a measured approach.
“We are not talking about any large investment in cryptocurrencies,” Moldabekova said, according to Reuters. “We are currently selecting companies that deal with digital assets, for example those involved in cryptocurrency infrastructure.”
The allocation represents only a small share of the country’s overall reserves. As of Feb. 1, the central bank held $69.4 billion in gold and foreign exchange reserves, while the country’s national fund, which accumulates oil revenues, held $65.23 billion in assets, according to the central bank data.