The Central Bank of Kazakhstan plans to expand the national cryptocurrency reserves using cryptocurrencies confiscated from criminals

According to market news, Kazakhstan's central bank investment subsidiary "NIC" announced that it will utilize cryptocurrencies confiscated from criminals by law enforcement, along with foreign currency and gold reserves, to expand the newly established national cryptocurrency reserve fund.

The company's head, Timur Suleimenov, stated that $350 million worth of foreign exchange and gold has been allocated as initial funding for the fund. The central bank does not currently plan to hold cryptocurrencies directly but will invest through five selected hedge funds and will invest in cryptocurrency venture capital funds. President Tokayev mentioned at a national financial regulatory agency meeting that the police have shut down 130 illegal cryptocurrency exchanges, confiscating assets worth over $5 million, and instructed agencies to develop specific proposals to combat cryptocurrency crime.