Governor of the National Bank of Kazakhstan: A national cryptocurrency asset reserve will be established

ChainCatcher news, according to Kazinform, the Governor of the National Bank of Kazakhstan, Timur Suleimenov, stated that Kazakhstan will establish a national cryptocurrency reserve. The National Bank is conducting in-depth research on the formation and management concept of the national cryptocurrency reserve, including the development of the cryptocurrency reserve based on the National Bank's affiliated institutions.

Kazakhstan plans to follow international best practices in sovereign fund management to ensure the transparent accounting and storage of cryptocurrency assets, as well as the transparency and security of cryptocurrency reserve management. Confiscated cryptocurrency assets and proceeds from state-participated cryptocurrency mining will become sources for this reserve. Considering the volatility and risks of cryptocurrency asset storage, a centralized management institution will be the main safeguard to ensure the security of national cryptocurrency assets. The specific mechanisms for building the national cryptocurrency reserve will be further developed in conjunction with law enforcement and relevant national agencies.