Kazakhstan central bank to invest up $350 million in crypto assets

Kazakhstan Central Bank Allocates $350 Million for Crypto Asset Investment

Kazakhstan Central Bank's Strategic Move into Crypto Assets

ALMATY, March 6 (Reuters) - Kazakhstan's central bank has formed a portfolio of up to $350 million from gold and foreign exchange reserves for investment in cryptocurrency assets, governor Timur Suleimanov said on Friday.

Development of Investment Instruments

At a briefing on interest rates, Suleimanov said: "We are currently developing a list of instruments in which we will invest. This includes not only cryptocurrency itself."

Diversification Beyond Cryptocurrencies

"These include shares of high-tech companies related to cryptocurrencies and digital financial assets, index funds and other instruments that exhibit similar dynamics to crypto assets."

Timeline and Selection Process

According to Central Bank Deputy Chair Aliya Moldabekova, the investments will begin in April-May.

Focus on Digital Asset Companies

"We are not talking about any large investment in cryptocurrencies. We are currently selecting companies that deal with digital assets. For example, those involved in cryptocurrency infrastructure. We are currently in the process of selecting such companies," she said.

Current Reserve Status

Gold and Foreign Exchange Reserves

As of February 1, central bank gold and foreign exchange reserves stood at $69.40 billion, and the assets of the Kazakhstan national fund amounted to $65.23 billion.

Reporting and Editorial Credits

(Reporting by Mariya Gordeyeva, Writing by Felix Light; Editing by Kevin Liffey)