TechFlow news, June 30 — According to Kazinform, the Kazakhstan International News Agency, Timur Suleimenov, Chairman of the National Bank of Kazakhstan, said that Kazakhstan will establish a national crypto asset reserve.
The central bank is conducting in-depth research on the concept of forming and managing a national crypto reserve, including developing the crypto reserve based on subsidiaries of the central bank. Kazakhstan plans to follow international best practices in sovereign wealth fund management to ensure transparent accounting and storage of crypto assets, as well as transparency and security in the management of the crypto reserve.
It is reported that confiscated crypto assets and revenues from state-participated crypto mining will serve as sources for the reserve. Considering the volatility and risks associated with crypto asset storage, a centralized management body will be the primary safeguard for securing national crypto assets. Specific mechanisms for establishing the national crypto reserve will be further developed with law enforcement and relevant state agencies.
