The Central Bank of Kazakhstan is considering using gold and foreign exchange reserves to purchase cryptocurrencies

According to Cryptopolitan, Berik Sholpankulov, the deputy governor of the Central Bank of Kazakhstan, revealed that the regulatory body may invest government-controlled funds as well as part of the country's gold and foreign exchange reserves in cryptocurrencies.

Sholpankulov announced this news in the lower house of the Kazakh parliament while responding to questions from members of the legislative body. The lawmakers specifically asked him to explain how the reserves would operate, how funds would be accumulated, and whether the country's central bank would buy and sell digital currencies for profit.

Sholpankulov reminded Kazakh lawmakers that the government is currently working on establishing a national cryptocurrency reserve. He elaborated that the cryptocurrency assets confiscated in criminal cases would primarily be allocated to this new fund and preserved as a strategic reserve, while also discussing other supplementary reserve options, such as considering using part of the national fund and assets from the gold and foreign exchange reserves to invest in crypto assets.