The Central Bank of Kazakhstan will use its gold and foreign exchange reserves to invest up to 300 million dollars in crypto assets

According to market news, the National Bank of Kazakhstan is preparing to invest up to $300 million in cryptocurrency instruments.

The head of the country's regulatory agency, Timur Suleimenov, revealed this information at a press conference. Zakon.kz quoted Suleimenov as saying, "This does not mean we have set aside $300 million for investment; the investment amount may be limited to $50 million, or it could be $100 million, or $250 million. Given the decline in the entire cryptocurrency market, people are rethinking the prospects for monetization, profitability, etc. This is a very challenging task." Suleimenov reminded that this fund does not come from the Kazakhstan National Fund, but from the central bank's gold and foreign exchange reserves. Within this reserve framework, a portfolio has already been created for investing in high-tech stocks and other financial instruments related to digital financial assets, but the regulatory agency is not in a hurry to invest. Suleimenov stated, "We will not rush to make these decisions until good investment opportunities arise. After the current decline in all digital, financial, and crypto assets, we need to wait and see before making investment decisions. We will not rush to achieve results."