The decision has been made in Kazakhstan to launch a state fund for digital assets, which will become part of the structure of the country’s National Bank. The corresponding directive was given by the President of Kazakhstan, Kassym-Jomart Tokayev, during his annual Address to the People.
This is reported by Finway
State Fund for Storing Reliable Cryptocurrencies
The digital assets fund will operate based on the Investment Corporation of the National Bank, and its main goal will be to create a strategic crypto reserve. The fund plans to accumulate and store the “most common and reliable cryptocurrencies,” which is expected to enhance the financial stability of the state and diversify its reserves.
“The main goal is to form a strategic crypto reserve. It is planned to store the ‘most common and reliable cryptocurrencies’ in it, as stated in Tokayev’s speech.”
Investments and Development of the Cryptocurrency Sector
Additionally, the President of Kazakhstan announced a new investment program worth $1 billion, aimed at stimulating capital inflow into the country’s economy. Prime Minister Olzhas Bektanov has been tasked with preparing specific proposals for the implementation of this program within 10 days.
Tokayev also emphasized that the digital tenge is already being used to finance projects from the National Fund’s resources. There are plans to expand the use of the digital tenge, including its incorporation into the budgets of the republican level, local administrations, and state holdings.
By 2025, the cryptocurrency sector in Kazakhstan continues to develop dynamically. In particular, the National Bank of the country is considering the possibility of investing a portion of its gold and foreign exchange reserves and National Fund assets in cryptocurrencies, exchange-traded funds (ETFs), and shares of companies working with digital assets.
Moreover, in August, the Kazakhstan Investment Company Fonte Capital launched the first spot exchange-traded fund for Bitcoin in Central Asia — the Fonte Bitcoin Exchange Traded Fund OEIC (BETF), which has become an important step for the development of the crypto industry in the region.