The Central Asian country is studying the example of international sovereign wealth funds to diversify its state portfolio.
According to local media outlet Kursiv, the National Bank of Kazakhstan is evaluating the inclusion of Bitcoin and cryptocurrencies among the assets held in its sovereign and foreign currency reserves.
The Governor of the National Bank of Kazakhstan, Timur Suleimenov, announced during a press conference that the institution is considering allocating a portion of its sovereign and foreign currency reserves to digital assets. The initiative is part of a diversification strategy aimed at incorporating high-yield, specialized investment portfolios, where Bitcoin and other cryptocurrencies could find a place.
“We’ve looked at the experience of the Norwegian fund, the American approach, and the strategies used by Middle Eastern funds. They all have some exposure to crypto assets—either directly, or through ETFs and shares of companies closely tied to crypto,” Suleimenov stated.
Despite the interest, the National Bank maintains a cautious stance toward such investments. The governor emphasized that the issue requires thorough analysis, highlighting the duality between potentially high returns and volatility.
“This is a difficult question, so there is no need to rush here. Yes, such assets can bring high returns, but at the same time, they are highly volatile,” the central bank official added.
Alongside the investment assessment, Kazakhstan is also planning the creation of a state reserve for digital assets seized by law enforcement. This dedicated infrastructure could also include digital assets obtained from state-authorized mining operations, through taxes and mandatory payments.
The country is also implementing restrictive measures to limit cryptocurrency trading exclusively to exchanges authorized within the Astana International Financial Centre (AIFC). Authorities are introducing administrative and criminal penalties for transactions on unauthorized markets, along with restrictions on advertising digital assets.
