Today, local media reported that Kazakhstan is considering investing the country’s reserves, including gold and foreign currency, into Bitcoin and other cryptocurrencies.
According to the English translation, Timur Suleimenoff, head of the country’s national bank, stated: “We have an alternative portfolio of gold and forex reserves and an alternative portfolio of national funds. We employ a proactive strategy to generate higher investment returns. And there are very few stocks in companies that are closely linked to crypto assets.”
The goal is to increase returns through more aggressive strategies. Suleimenov emphasized that no final decisions have been made and warned of crypto assets volatility. “This is not a simple question, so you shouldn’t rush here. Yes, such assets can bring high returns, but at the same time, they are characterized by high volatility,” he added.
In addition to the potential for investment, the National Bank is moving forward with plans to establish the state’s Bitcoin and Cryptocurrency, which was first announced on June 30th. This preparation will set up another infrastructure to store and manage digital assets confiscated by law enforcement.
Suleimenov also said that if they mined the state-backed corporate mines Bitcoin and crypto, some of these assets could be collected, following other countries, as taxes or compulsory contributions to national Bitcoin and crypto reserves.
Previously, local media reported that Kazakhstan is preparing to introduce control and criminal penalties for unregulated Bitcoin and crypto transactions. Currently, Bitcoin and crypto trading are only permitted on licensed exchanges within the Astana International Financial Centre (AIFC). The National Bank is also planning to limit advertising on digital assets.
Source: https://bitcoinmagazine.com/news/kazakhstan-considers-investing-national-reserves-in-bitcoin
