The government is reportedly considering converting part of its sovereign wealth and gold holdings into digital assets, signaling the rise of crypto as a state-level asset class.
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Kazakhstan’s government is reportedly considering converting a portion of the country’s National Fund assets, as well as part of its gold and foreign exchange reserves, to fund a cryptocurrency reserve.
Related: Kazakhstan pilots USD-pegged stablecoin payments for regulatory fees
Kazakhstan goes all-in on crypto
The reported initiative follows Kazakhstan’s launch of a state-backed crypto reserve in partnership with crypto exchange Binance in late September, with BNB (BNB) as the first digital asset in its portfolio.
Related: Kazakhstan to launch crypto pilot zone for payments and adoption
In early October, Kazakhstan shut down 130 cryptocurrency platforms involved in money laundering schemes and seized $16.7 million in cryptocurrency.
President Kassym-Jomart Tokayev has repeatedly called for the creation of a “full-fledged ecosystem of digital assets” and urged regulators to accelerate work on integrating crypto into the nation’s broader economic framework.
The country is also implementing a dual model, piloting its central bank digital currency while launching a stablecoin in collaboration with Solana and Mastercard.
Magazine: China officially hates stablecoins, DBS trades Bitcoin options: Asia Express
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Author: Adrian Zmudzinski
