Kazakhstan creates state cryptocurrency reserve to strengthen digital economy
- Kazakhstan Plans Government-Backed Cryptocurrency Reserve
- President Tokayev advocates for the integration of blockchain and fintech
- The goal is to invest up to US$1 billion in technology
Kazakhstan has announced plans to launch a state-backed cryptocurrency reserve as part of its strategy to integrate digital assets into the national economy. measure was determined by President Kassym-Jomart Tokayev, who reinforced the need to modernize the financial system and adapt it to new technologies.
According to Tokayev, the fund will be managed by the National Bank's investment arm and will prioritize "the most promising assets of the new digital financial system." The initiative reflects a long-term commitment to cryptocurrency adoption and expanding the country's role in the digital finance sector.
This move builds on projects already underway, such as the implementation of the digital tenge, a central bank digital currency that has been used in state and local budgets. Tokayev emphasized that the goal is to make cryptocurrencies a formal part of public finances, while also stimulating the growth of local fintechs.
The country has also been taking steps to attract international investment. Earlier this year, regulators reached an agreement to create the Solana Economic Zone, aiming to boost the development of blockchain-based applications and attract global developers. Combined with the new state reserve, this policy positions Kazakhstan among the nations most advanced in official digital asset strategies. For comparison, the United States is also working on a similar structure with the support of President Donald Trump.
Beyond the focus on cryptocurrencies, Tokayev advocated for a broader transformation in the financial sector. He called on the government and the National Bank to develop a program capable of channeling up to US$1 billion in investments into high-tech industries. The president criticized the behavior of local banks, which prefer to invest in low-risk instruments rather than finance innovative companies.
“Today in Kazakhstan, bank assets and capital are, on average, several times more profitable than in developed countries”
Tokayev stated, emphasizing that this preference for security limits economic growth. To reverse this situation, he proposed new laws that would require banks to support fintech sectors, foster competition, and increase private sector participation in technology projects.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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