Kazakhstan wealth fund, gold, FX reserves to be invested in crypto — Report
Kazakhstan’s central bank is drawing on lessons from Norway, the US and Middle East in developing its crypto strategy.
Kazakhstan’s sovereign wealth fund has reportedly identified cryptocurrencies as a viable asset class for inclusion in the country’s national reserves, with the central bank drawing lessons from allocation strategies used in Norway, the United States and the Middle East.
According to Kursiv, a local media outlet registered with Kazakhstan’s Ministry of Information, the country plans to invest a portion of its gold and foreign exchange reserves — as well as assets held by its sovereign wealth fund — into crypto-related instruments.
Kursiv cited Timur Suleimenov, head of the National Bank of Kazakhstan, who said at a press conference that the central bank is exploring “aggressive strategies to [generate] higher investment income,” which “does not exclude” allocating part of its holdings to crypto-related funds.