The National Bank of Kazakhstan is exploring the integration of cryptocurrency assets into its international reserves, showcasing the country’s growing commitment to digital assets.
Plans for Crypto Assets in Reserves
The National Bank of Kazakhstan (NBK) is evaluating the inclusion of digital assets in its sovereign and foreign currency reserves. The bank's governor, Timur Suleimenov, highlighted that they are looking into the experiences of countries like Norway and the United States, which have invested in crypto assets or crypto-related ETFs and company stocks.
Current Crypto Landscape in Kazakhstan
Kazakhstan has been involved in cryptocurrency mining since 2017. Although cryptocurrency is not legal tender, mining has been encouraged. President Kassym-Jomart Tokayev announced intentions to attract substantial investment for infrastructure in 2020. Kazakhstan currently ranks second in the world for hash rate.
Future of Crypto Infrastructure in the Country
Kazakhstan plans to establish a state fund for cryptocurrency assets seized by law enforcement and is developing infrastructure around legal mining. Moreover, the government aims to restrict cryptocurrency trading exclusively to exchanges authorized by the Astana International Financial Centre (AIFC).
In conclusion, Kazakhstan is taking active steps towards integrating cryptocurrency assets into its financial sector, albeit still working towards enhancing retail adoption and developing the requisite infrastructure.
