The National Bank of Kazakhstan (NBK) is considering an investment in crypto assets that could range from $50 million to $300 million.
According to RBC, NBK Chairman Timur Sülümenov said the institution would wait for “the dust to settle a bit” following the sharp market correction. Sülümenov stated that the investment would be financed directly from the Central Bank’s foreign exchange reserves, not from the National Wealth Fund.
In his statement, Sülümenov stated that the planned investment amount was not certain and used the following expressions:
The crypto market has lost $500 billion in total value since the beginning of November. Bitcoin’s price has fallen 17%, from $110,000 to $81,000, its lowest point in seven months.
The NBK Chairman said that an investment portfolio linked to high-tech stocks and digital financial instruments has already been created within the Central Bank reserves, but there will be no rush to make new crypto investments:
In early November, Sülümenov told Bloomberg that the country would establish a national crypto fund of up to $1 billion. The fund would reportedly invest in more traditional, auditable structures like exchange-traded funds (ETFs) and shares of crypto companies.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/a-country-announces-a-300-million-cryptocurrency-investment-directly-from-its-foreign-exchange-reserves/
