The Central Bank of Kazakhstan is considering using its gold and foreign exchange reserves to purchase cryptocurrencies.

PANews reported on November 5th that, according to Cryptopolitan, Berik Sholpankulov, Deputy Governor of the Central Bank of Kazakhstan, revealed that the regulatory body may invest government-controlled funds, along with a portion of the country's gold and foreign exchange reserves, in cryptocurrencies. Sholpankulov announced this in the lower house of the Kazakh parliament while answering questions from members of the legislature. The members specifically requested explanations on how the reserve would operate, how funds would be accumulated, and whether the central bank would buy and sell digital currencies for profit. Sholpankulov reminded Kazakh parliamentarians that the government is currently working on establishing a national cryptocurrency reserve. He detailed that crypto assets seized in criminal cases would be primarily allocated to this new fund and held as a strategic reserve, while other supplementary reserve options are also being discussed, such as considering investing a portion of the national fund and gold and foreign exchange reserves in crypto assets.