Kazakhstan’s central bank is adopting a strategy to include cryptocurrencies in the country’s national reserves, influenced by allocation methods from Norway, the US, and the Middle East. The National Bank of Kazakhstan plans to invest part of its gold and foreign exchange reserves, as well as sovereign wealth fund assets, into crypto-related instruments. Timur Suleimenov, head of the National Bank, indicated that they are exploring aggressive strategies by examining US digital asset initiatives and similar moves in the Middle East. This approach follows a governmental intention to develop a national crypto reserve. Additionally, Kazakhstan is expanding its digital asset sector by launching a pilot zone to encourage crypto payments and broader adoption, aligning with plans for a central bank digital currency introduced in November 2023. Nevertheless, local crypto adoption remains limited, with Kazakhstan ranking 57th out of 151 countries in the 2024 Global Crypto Adoption Index based on various metrics.

Source 🔗