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<\/p>\n
\n\t\t\t\t\t\t\t\t\tThe previous plans laid out by the country’s central bank indicated that it wanted to form the fund from crypto seizures. \t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
A month after the initial reports emerged that Kazakhstan\u2019s central bank plans to invest in cryptocurrencies, governor Timur Suleimanov provided further details today that actually differ slightly from the initial idea.<\/p>\n
As reported by Reuters, the governor of the central bank said during a briefing on interest rates that the entity is \u201ccurrently developing a list of instruments in which we will invest. This includes not only cryptocurrency itself.\u201d<\/p>\n
\n\u201cThese include shares of high-tech \u200bcompanies related to cryptocurrencies and digital financial assets, index funds and other instruments that exhibit similar \u200bdynamics to crypto assets.\u201d<\/p>\n<\/blockquote>\n
The report states<\/a> that the portfolio of up to $350 million will be formed from other current investments, such as gold and foreign exchange reserves.<\/p>\n
Deputy Chair Aliya Moldabekova explained that the investments will begin in April-May. However, she disclaimed that they do not plan \u201cany large investment in cryptocurrencies,\u201d before adding:<\/p>\n
\n\u201cWe are currently selecting companies that deal with digital \u200bassets. For \u200bexample, those \u2060involved in cryptocurrency infrastructure. We are currently in the process \u200bof selecting such companies.\u201d<\/p>\n<\/blockquote>\n
Reuters noted that the central bank holds over $69 billion worth of gold and foreign exchange reserves as of February 1, while its national fund held around $65 billion worth of assets.<\/p>\n
It\u2019s worth noting that Kazakhstan has mulled a similar fund for some time, but a previous report on the matter claimed<\/a> it would also use \u201ccrypto seized by law enforcement agencies\u201d to create a digital asset stockpile.<\/p>\n
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