Kazakhstan Central Bank Plans Bitcoin Reserve Funded by Seized Crypto Assets

The National Bank of Kazakhstan said on 30 June that it is developing a sovereign crypto-asset reserve that would hold Bitcoin and other cryptocurrencies. Chairman Timur Suleimenov told lawmakers the concept is being drafted in response to a parliamentary inquiry and will be guided by international sovereign-fund practices.

Suleimenov noted that the reserve could be created within an affiliate of the central bank focused on alternative investments. Potential funding sources include confiscated crypto-assets and coins mined by operations in which the state holds an interest, he said.

Establishing the reserve will require amendments to Kazakh legislation to clarify its legal status, accounting rules and usage procedures. The central bank said it is prepared to work with parliament to craft the necessary framework, building on broader efforts to tighten oversight of the country’s crypto market and curb unlicensed digital-asset transactions.

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