The President of Kazakhstan proposed the establishment of a national digital asset fund to create a strategic reserve of cryptocurrencies

ChainCatcher news, according to Astana Times, Kazakh President Kassym-Jomart Tokayev emphasized the importance of attracting capital into high-tech sectors, instructing the government and the national bank to develop an investment plan worth up to $1 billion to promote technological development.

Additionally, he proposed establishing a national digital asset fund under the national bank's investment company, which will accumulate strategic cryptocurrency reserves and incorporate promising digital assets into the evolving financial landscape. He urged the development of new tools to inject bank liquidity into the economy and emphasized the necessity of formulating new banking laws. The proposed legislation aims to enhance competition, attract new market participants, strengthen fintech development, and liberalize the circulation of digital assets.

He stressed the need to accelerate the construction of a comprehensive digital asset ecosystem in Kazakhstan. He mentioned the launch of the digital tenge, which has been used by the national fund for project financing.