The National Bank of Kazakhstan plans to create a government-controlled cryptocurrency reserve, according to a report from the official news agency Kazinform on Monday.
Officials are looking into how to set up this crypto reserve by following how other countries do it. The reserve would likely get its funds from seized digital assets and from crypto mining that the government controls.
The head of the National Bank, Timur Suleimenov, said that cryptocurrency is risky and its prices go up and down a lot. But if the government manages the reserve, it can make sure everything is done safely and properly.
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In a reply to a question from parliament on May 22, the bank said it supports the idea of a state crypto reserve. It suggested that a dedicated division of the National Bank, focused on alternative investments, could manage it.
Governments Worldwide Explore Bitcoin Reserves
National crypto reserves are becoming more popular around the world. Most of these government plans focus only on Bitcoin.
Last week, Pradeep Bhandari, a spokesperson for India’s ruling BJP party, asked for a test program for a Bitcoin reserve and clearer rules on crypto in the country.
Earlier this month, Texas Governor Greg Abbott approved a new law to create the Texas Strategic Bitcoin Reserve. These ideas follow the example of the US Strategic Bitcoin Reserve.
In the US, more people are starting to support this idea. US Senator Cynthia Lummis said that some parts of the American military like the idea of a national Bitcoin reserve to help protect the country from economic attacks.
