Kazakhstan's President Kassym-Jomart Tokayev recently elaborated on the country's development blueprint in the fields of artificial intelligence and digital assets, which includes the establishment of a strategic cryptocurrency reserve.
In his annual state address on Monday, Tokayev pointed out that the government should "quickly build a comprehensive digital asset ecosystem" as an important part of the effort to "seek effective ways to maximize the return of bank funds to the real economy."
He suggested that the country's Financial Market Regulation and Development Agency draft the relevant laws, with plans to complete the legislative process by 2026.
Regarding the national cryptocurrency reserve plan, the president made it clear:
Tokayev's announcement came two months after reports indicated that the National Bank of Kazakhstan was considering using seized digital assets to fund the establishment of a national cryptocurrency reserve.
Reports suggest that following the establishment of a cryptocurrency reserve including Bitcoin (BTC) and other digital assets under an executive order by former President Donald Trump, several countries, including Brazil and Indonesia, are also exploring ways to establish strategic digital asset reserves.
In May of this year, Tokayev stated that the Kazakh government plans to create a pilot area allowing the use of cryptocurrencies to pay for goods and services. At that time, several media speculated that the so-called "crypto city" would be established in Alatau, a city in southeastern Kazakhstan with a population of about 52,000.
In his speech on Monday, the president seemed to confirm these reports, stating that Alatau would become "the region's first fully digitalized city," achieving cryptocurrency payment functionality.
Tokayev emphasized, "This city will represent the future of Kazakhstan. It should combine technological advancement with the highest quality of living conditions."
Kazakhstan is one of the world's most important Bitcoin mining centers, primarily due to its favorable regulatory environment and low electricity costs.
However, the economic incentives for cryptocurrency mining—where the country once accounted for about 13% of the global Bitcoin hash rate at its peak—have led to a surge in illegal mining activities, putting immense pressure on the national power grid.
Related: Kazakhstan pilots the use of dollar-pegged stablecoins to pay regulatory fees
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