Another country has decided to set up its own cryptocurrency reserve as part of its institutional strategy. Local reports indicate that Kazakhstan is ready to pursue its strategy to develop a cryptocurrency reserve, with the help of its central bank.

The Kazinform International News Agency reported that the National Bank of the country had openly acknowledged the consideration of such a reserve, revealing that its “formation and management, including the development of the crypto-reserve at the grounds of the National Bank affiliate” was being studied in depth.

Timur Suleimenov, Chairman of the National Bank of Kazakhstan, stated that the national crypto reserve would consider the principles of accounting and management transparency, securing the safety of the assets at the same time.

While Suleimenov did not indicate the strategies the central bank would follow to acquire digital assets for this initiative, he stated that, most likely, it would follow international practices, kickstarting it with expropriated digital assets and cryptocurrency mined by companies with state participation.

This would mimic what the U.S. is currently doing with its cryptocurrency reserve, pursuing the accumulation of cryptocurrency assets without directly investing taxpayer funds for their acquisition. Nonetheless, he highlighted the relevance of centralizing the management of these assets, given the security threats and risks they face.

Nonetheless, Suleimenov added that other avenues for growing this reserve might be established later by state institutions or by enacting laws regulating these purchases.

In May, a series of legislative amendments focused on regulating cryptocurrency activities were introduced in the country. Kazakhstan has been open to developing crypto-based public initiatives, including the issuance of a national stablecoin and the tokenization of digital assets.

Read more: National Bank of Kazakhstan Launches Crypto Card Pilot Project

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