Kazakhstan Moves Toward State-Level Crypto Adoption
Kazakhstan’s central bank is preparing to convert part of the nation’s financial reserves into cryptocurrency, marking one of the most direct state-level commitments to digital assets yet. The development was revealed when Berik Sholpankulov, Deputy Chairman of the National Bank of Kazakhstan (NBK), addressed lawmakers in the Majilis, the country’s lower parliamentary chamber. The statement signals a significant strategic turn, placing crypto assets alongside gold and foreign exchange reserves.
How the Crypto Reserve Will Be Funded
Sholpankulov explained that the country is in the process of creating a state-controlled cryptocurrency reserve, which would hold digital assets as a long-term strategic resource. He noted that the reserve will initially draw from crypto assets confiscated in criminal cases, forming the foundation of the government’s blockchain-based holdings. However, Sholpankulov emphasized that additional funding mechanisms are under review.
The remark suggests that Kazakhstan may soon become one of the first countries to openly diversify sovereign reserves into digital assets.
Understanding the National Fund’s Role
The National Fund of Kazakhstan is a cornerstone of the country’s economic stability, holding financial and tangible assets managed by the central bank. Its purpose is to protect the economy from global price shocks, maintain long-term savings, and ensure social and economic resilience. Traditionally, the fund focuses on low-risk investments offering modest but reliable returns.
By proposing to move part of these holdings into cryptocurrency, Kazakhstan is signaling that digital assets are now viewed as having long-term strategic value, rather than being speculative instruments. The shift suggests confidence that blockchain-based assets may serve the same stabilizing role historically associated with gold.
State-Owned Companies and Mining Expansion
In addition to acquiring crypto for sovereign reserves, Kazakhstan may also expand state involvement in mining operations. Sholpankulov noted that the Ministry of Digital Development is evaluating proposals for state-owned enterprises to mine cryptocurrency directly. He further highlighted the possibility of government-run companies providing energy and services to private miners, who would pay for those resources in digital currencies.
This approach builds on Kazakhstan’s recent rise as a global mining hub, after welcoming miners who relocated following China’s mining ban. The government has since been working to formalize and regulate the sector, aiming to build domestic blockchain expertise and economic leverage.
Strengthening Reserves Amid Gold Buying Spree
The move comes as Kazakhstan has also been rapidly expanding its gold holdings, increasing reserves by 32 tonnes in 2025 alone. The World Gold Council (WGC) reported that the NBK purchased 8 tonnes of gold in August, placing Kazakhstan among the top global gold buyers. With international reserves surpassing $52 billion, the country has positioned itself as both a precious metals powerhouse and an emerging crypto hub.
Now, by integrating crypto into its sovereign reserve strategy, Kazakhstan is signaling a hybrid economic future, combining traditional stores of value with digital financial infrastructure.
