Kazakhstan Establishes a National Crypto Reserve
The post Kazakhstan Establishes a National Crypto Reserve appeared on BitcoinEthereumNews.com. The National Bank of Kazakhstan plans to establish a state-managed cryptocurrency reserve, according to a Monday report by government news agency Kazinform. Local authorities are studying the development of a crypto reserve, which would follow international practices. Typically, such reserves are likely to be funded with expropriated digital assets and state-run crypto mining operations, the report said. National Bank of Kazakhstan Chairman Timur Suleimenov acknowledged the volatility and risks associated with crypto assets. He said that placing the reserve under the control of a centralized institution would ensure proper oversight and risk management. A response from the national bank to a parliamentary inquiry concerning digital assets, dated May 22, also said that the central bank supported the creation of a state-run crypto reserve. The document suggested that it could be managed by a national bank subsidiary specializing in alternative investments. Kazakhstan’s central bank’s response to the inquiry. Source: Mazhilis of the Parliament of the Republic of Kazakhstan Related: El Salvador buys another 12 Bitcoin for country’s reserve despite IMF deal Kazakhstan bets on crypto This is just the latest in a series of reports concerning Kazakhstan’s adoption of cryptocurrencies. In May, President Kassym-Jomart Tokayev announced plans to launch “CryptoCity,” a pilot zone where cryptocurrencies can be used to pay for goods and services. Kanysh Tuleushin, Kazakhstan’s first vice minister of digital development, said in May that with easier regulation, the country could become a leading crypto hub in Central Asia. At the same time, authorities are pursuing stricter enforcement, as seen in the crackdown on 36 illegal cryptocurrency exchanges in 2024. Officials said the crackdown aimed to curb money laundering and bolster financial oversight. Related: Crypto asset reserve bill lands in Ukraine’s parliament National crypto reserves grow in popularity State-run national cryptocurrency reserves are gaining popularity worldwide, although such initiatives typically…
The post Kazakhstan Establishes a National Crypto Reserve appeared on BitcoinEthereumNews.com.
The National Bank of Kazakhstan plans to establish a state-managed cryptocurrency reserve, according to a Monday report by government news agency Kazinform. Local authorities are studying the development of a crypto reserve, which would follow international practices. Typically, such reserves are likely to be funded with expropriated digital assets and state-run crypto mining operations, the report said. National Bank of Kazakhstan Chairman Timur Suleimenov acknowledged the volatility and risks associated with crypto assets. He said that placing the reserve under the control of a centralized institution would ensure proper oversight and risk management. A response from the national bank to a parliamentary inquiry concerning digital assets, dated May 22, also said that the central bank supported the creation of a state-run crypto reserve. The document suggested that it could be managed by a national bank subsidiary specializing in alternative investments. Kazakhstan’s central bank’s response to the inquiry. Source: Mazhilis of the Parliament of the Republic of Kazakhstan Related: El Salvador buys another 12 Bitcoin for country’s reserve despite IMF deal Kazakhstan bets on crypto This is just the latest in a series of reports concerning Kazakhstan’s adoption of cryptocurrencies. In May, President Kassym-Jomart Tokayev announced plans to launch “CryptoCity,” a pilot zone where cryptocurrencies can be used to pay for goods and services. Kanysh Tuleushin, Kazakhstan’s first vice minister of digital development, said in May that with easier regulation, the country could become a leading crypto hub in Central Asia. At the same time, authorities are pursuing stricter enforcement, as seen in the crackdown on 36 illegal cryptocurrency exchanges in 2024. Officials said the crackdown aimed to curb money laundering and bolster financial oversight. Related: Crypto asset reserve bill lands in Ukraine’s parliament National crypto reserves grow in popularity State-run national cryptocurrency reserves are gaining popularity worldwide, although such initiatives typically…
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