Kazakhstan's central bank will use gold and foreign exchange reserves to invest up to $300 million in crypto assets

ChainCatcher News, according to market sources, the National Bank of Kazakhstan is preparing to invest up to $300 million in cryptocurrency instruments.

The head of the country's regulatory authority, Timur Suleimenov, revealed this information at a press conference. Zakon.kz quoted Suleimenov as saying: "This does not mean that we have already allocated $300 million for investment. The investment amount may be limited to $50 million, or it could be $100 million, or $250 million. Given the overall decline in the cryptocurrency market, people are rethinking the prospects for monetization, profitability, and so on. This is a very challenging task." Suleimenov reminded that these funds do not come from the Kazakhstan National Fund, but from the central bank's gold and foreign exchange reserves. Within the framework of these reserves, an investment portfolio has already been created to invest in high-tech stocks and other financial instruments related to digital financial assets, but the regulator is not in a hurry to invest. Suleimenov stated: "We will not rush to make these decisions until good investment opportunities arise. After the current downturn in all digital, financial, and crypto assets, we need to wait and see before making investment decisions. We will not act hastily."