Kazakhstan Plans to Establish a National Cryptocurrency Reserve

BlockBeats News, June 30—According to The Block, Kazakhstan’s central bank governor Timur Suleimenov stated that the country plans to establish a national cryptocurrency reserve, with funds sourced from digital assets seized in legal cases and tokens mined by state-owned mining operations. The reserve will be managed by a subsidiary of the central bank, following a sovereign wealth fund model that features a single-manager structure and transparent auditing mechanisms.

It is reported that Kazakhstan currently accounts for 13% of the world’s Bitcoin hash rate. After experiencing power shortages in 2022, the country implemented a licensing system for miners and seized nearly $200 million worth of illegal mining equipment. This move positions Kazakhstan as another state entity, following several U.S. states and corporations, to develop a cryptocurrency reserve. The specific implementation framework is still being developed, and details regarding the reserve’s scale and launch date have not yet been announced.