Kazakhstan plans to create national cryptocurrency reserve

PANews reported on June 30 that according to The Block, the Governor of the Central Bank of Kazakhstan, Timur Suleimenov, said that the country plans to establish a national cryptocurrency reserve, and the funds will come from digital assets seized in cases and tokens mined by state-owned mines. The reserve will be managed by an affiliate of the central bank and adopt the sovereign wealth fund operation model, including a single manager structure and a transparent audit mechanism.

Kazakhstan currently accounts for 13% of the world's Bitcoin computing power. After the power shortage in 2022, it has implemented a miner licensing system and seized illegal mining machines worth nearly $200 million. This move makes it another national entity to deploy crypto asset reserves after many states and companies in the United States. The specific implementation framework is still being formulated, and the reserve size and launch time have not yet been announced.