The National Bank of Kazakhstan (NBK) is evaluating whether to invest up to $300 million in crypto assets, although the actual amount could range from $50 million to $250 million. NBK chairman Timur Suleimenov made it clear that the money would come from the central bank’s gold and foreign exchange reserves, not from the country’s National Fund.
Suleimenov explained that within these reserves, the bank has already created a separate portfolio that contains high-tech stocks and financial instruments related to digital assets.
A market downturn slows down decision making
The recent collapse of the crypto market is a major reason that NBK is taking a slow approach. In November, the global crypto market capitalization fell by approximately $500 billion. Bitcoin fell 17 percent, falling from $110,000 to around $81,000, marking its lowest level in seven months.
Due to this sharp volatility, Suleimenov said the bank wants to let market conditions stabilize before entering the sector.
Although the NBK has built the legal and operational framework necessary to invest in digital assets, Suleimenov noted that the bank will only act when strong investment opportunities arise. He described the process as difficult given the need to reassess profitability and long-term monetization strategies in the current environment.
He said the central bank is carefully analyzing the situation and will not make hasty investment decisions.
Kazakhstan is expanding its crypto ecosystem
Kazakhstan continues to deepen its involvement in the digital economy. In September, the Alem Crypto Fund, established by the Ministry of Artificial Intelligence and Digital Development with support from Binance, officially launched and made its first investment in Binance’s BNB token.
Previously, Suleimenov also announced plans to establish a national cryptocurrency fund worth up to $1 billion. That fund would invest slowly and primarily through exchange-traded products and shares of crypto-related companies.
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