The Central Bank of Kazakhstan announced that it is ready to allocate up to 300 million USD to purchase cryptoassets, with funding sourced from the national gold and foreign exchange reserves. However, the specific scale of investment will depend on market developments.
Speaking to the press, Governor Timur Suleimenov stated that the agency would wait for the market to stabilize after the recent sharp decline before making a decision. He emphasized that the investment amount could range from 50 to 250 million USD, rather than disbursing the entire amount immediately.
In November, the global crypto market capitalization has evaporated by about 500 billion USD, while Bitcoin fell by 17% from 110,000 USD to 81,000 USD before recovering around the 90,000 USD mark.
Kazakhstan is also building its own investment portfolio in cryptoassets and high technology, while leveraging the existing legal framework to develop a national crypto reserve fund cautiously and in the long term.
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