Kazakhstan's Central Bank Considers Up to $300 Million Investment in Crypto Tools

According to PANews, Kazakhstan's central bank is contemplating an investment of up to $300 million in cryptocurrency tools. On November 28, Timur Suleimenov, head of the country's regulatory body, disclosed this information during a press conference. Suleimenov clarified that the investment amount could range from $50 million to $250 million, rather than the full $300 million. He noted the challenges posed by the current downturn in the cryptocurrency market, which has led to a reevaluation of monetization and profitability prospects. Suleimenov emphasized that the funds for this potential investment are not sourced from Kazakhstan's national fund but from the central bank's gold and foreign exchange reserves. Within this framework, a portfolio has been established to invest in high-tech stocks and other financial instruments related to digital financial assets. However, the regulatory body is not rushing into these investments. Suleimenov stated, "We will not make hasty decisions until favorable investment opportunities arise. Given the current decline in digital, financial, and crypto assets, we need to wait and observe before making investment decisions. We are not in a hurry."