Kazakhstan’s central bank considers using gold and foreign exchange reserves to buy cryptocurrencies

PANews reported on November 5 that according to Cryptopolitan, Berik Sholpankulov, deputy governor of the Central Bank of Kazakhstan, revealed that the regulatory agency may invest government-controlled funds and part of the country’s gold and foreign exchange reserves in cryptocurrencies. Sholpankulov made the announcement in the lower house of Kazakhstan's parliament, where he was answering questions from members of the legislative body. Lawmakers specifically asked him to explain how the reserve would work, how funds would be accumulated, and whether the country's central bank would buy and sell digital currencies at a profit. Sholpankulov reminded Kazakhstani lawmakers that the government is currently working on establishing a national cryptocurrency reserve. He detailed that crypto assets confiscated in criminal cases will be mainly allocated to this new fund and kept as strategic reserves. He is also discussing other options to supplement reserves, such as considering using some of the assets in national funds and gold foreign exchange reserves to invest in crypto assets.
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