Kazakhstan emerging as a virtual asset powerhouse...? "Considering up to $300 million investment"

The National Bank of Kazakhstan said it is considering purchases of virtual assets (cryptocurrencies) totaling up to $300 million.

According to Cryptopolitan on the 29th (local time), Timur Suleimenov, governor of the National Bank of Kazakhstan (NBK), said in a local briefing, "We will wait until the effects of the recent market plunge have subsided before finalizing the investment size," adding, "It could be $500,000, or it could be $100 million to $250 million." Funds for the purchases are planned to be covered from the central bank's foreign exchange and gold holdings, not from the national fund.

Given the recent increase in volatility in the virtual asset market, they plan to make cautious investments. Suleimenov emphasized, "We will not make hasty investments as digital and financial assets have undergone adjustments."

Kazakhstan has recently been formulating plans to increase its holdings of virtual assets. Earlier, Suleimenov said in an interview, "We are building a virtual asset reserve of up to $1 billion," explaining ", confiscated assets, equity stakes in related companies, ETFs, etc. could be included." In addition, Kazakhstan's Ministry of Artificial Intelligence and Digital Development purchased Binance Coin (BNB) in September with sponsorship from Binance.