Kazakhstan announces plans to establish a state crypto reserve
Kazakhstan plans to establish a state crypto reserve, contingent on the creation of a legal framework to govern its formation and management.
Kazakhstan’s National Bank is currently working on a detailed concept for forming and managing the reserve, potentially within a bank-affiliated entity focused on alternative investments, National Bank Chairman Timur Suleimenov said in response to a parliamentary inquiry.
Following international practices, Suleimenov implied the reserve will be funded through confiscated crypto-assets or cryptocurrency mined by state-backed operations.
“International practice shows that the sources for such a reserve may include confiscated crypto-assets, as well as cryptocurrencies…
