Kazakhstan’s central bank mulls investing gold and forex reserves in crypto

Kazakhstan’s monetary authority is planning to convert some of the nation’s existing reserves into crypto assets, one of its top managers has indicated.

Addressing lawmakers, the high-ranking executive added that state-owned enterprises could also contribute to the country’s new cryptocurrency reserve.

Kazakhstan’s central bank intends to buy crypto

Deputy Chairman of the National Bank of Kazakhstan (NBK) Berik Sholpankulov revealed the regulator may invest money from a government-controlled fund and part of the country’s gold and foreign exchange reserves in crypto.

The banker made the announcement at the Majilis, the lower house of Kazakhstan’s parliament, where he was answering questions from members of the legislature.

During a meeting devoted to the new banking law and other amendments to financial legislation, Sholpankulov commented on the Central Asian nation’s cryptocurrency reserve.

He was specifically asked by deputies to explain how it will function and accumulate its funds, and whether the NBK is going to buy and sell digital coins for profit.

The deputy governor reminded Kazakh deputies that the government is currently working on the establishment of a state crypto reserve.

Crypto assets confiscated in criminal cases would be primarily allocated to the new fund and kept as a strategic reserve, he elaborated.

At the same time, other options for replenishing it are also being discussed, Sholpankulov pointed out. Quoted by the local news outlet Kursiv on Tuesday, he stated:

“We are considering using some of the assets in the National Fund and gold and foreign exchange reserves to invest in crypto assets.”

Kazakhstan’s National Fund comprises financial assets held in the government’s account at the central bank as well as other tangible assets.

Its main purpose is to ensure the country’s stable social and economic development and accumulate financial resources for the future.

It’s also being employed to reduce the dependence of the nation’s economy and budgets on adverse external factors and fluctuations in global prices of major commodities.

It serves both as a savings and a stabilization tool in the hands of the executive power, providing long-term returns on low-risk investments and sufficient liquidity when needed.

The National Fund is managed by the NBK under a trust management agreement with the government of the former Soviet republic.

Other ideas to acquire crypto are also on the table

Kazakhstan has been developing as a crypto hub ever since it attracted a significant number of miners in the wake of a Chinese ban on the activity earlier this decade. Lately, this process has been actively supported by the authorities.

Berik Sholpankulov also revealed that Kazakhstan’s Ministry of Digital Development is considering a proposal for state-owned companies to start mining cryptocurrency.

Furthermore, government-run enterprises could be providing energy resources and related services to private mining firms, which would pay the bills in crypto assets, he highlighted.

Besides expanding its legal framework for the crypto market, Astana is recognizing the great potential of cryptocurrencies to serve as reserve assets, too.

The establishment of a strategic crypto reserve was ordered by President Kassym-Jomart Tokayev in September. The country launched its first crypto reserve fund later the same month.

This year, the Republic of Kazakhstan also became a major buyer of gold, increasing its reserves of the precious metal by 32 tonnes since the start of 2025, as reported by Cryptopolitan.

Amid all-time highs, the NBK ranked among the world’s top investors in gold, acquiring 8 tonnes of it in August alone, more than half of what all central banks purchased that month, according to the WGC, the gold industry’s international association.

The net international reserves of the regional economic powerhouse, and Eurasian crypto-hub wannabe, hit a record level as well, reaching a total of over $52 billion at the end of the summer.

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