Kazakhstan's central bank considers using gold and foreign exchange reserves to purchase cryptocurrencies

ChainCatcher news, according to Cryptopolitan, Berik Sholpankulov, Deputy Governor of the National Bank of Kazakhstan, revealed that the regulatory authority may invest government-controlled funds as well as part of the country's gold and foreign exchange reserves into cryptocurrencies.

Sholpankulov announced this news in the lower house of the Kazakhstan Parliament while answering questions from members of the legislature. Lawmakers specifically asked him to explain how the reserve would operate, how funds would be accumulated, and whether the country's central bank would buy and sell digital currencies for profit.

Sholpankulov reminded Kazakhstan's lawmakers that the government is currently working on establishing a national cryptocurrency reserve. He elaborated that crypto assets confiscated in criminal cases would mainly be allocated to this new fund and preserved as a strategic reserve. At the same time, other options to supplement the reserve are being discussed, such as considering the use of part of the national fund and gold and foreign exchange reserves to invest in crypto assets.