Kazakhstan is creating a national cryptocurrency reserve fund worth up to $1 billion

Kazakhstan has announced the creation of a national cryptocurrency reserve fund estimated at between $500 million and $1 billion. The fund will be based on assets that have been confiscated and returned from abroad. Timur Suleimenov, head of the National Bank of Kazakhstan, said that the fund plans to invest in exchange-traded funds and shares of companies related to digital currencies, noting that the fund will be cautious about direct exposure to cryptocurrencies.

Source Bloomberg

Suleimenov also expressed hope that the fund will begin operations by the end of this year or early next year. Funding for investments will come from alternative investment portfolios. This step signals Kazakhstan's increased activity in the cryptocurrency market, as well as the country's intention to implement a more structured approach to digital assets in the future.