The National Bank of Kazakhstan (NBK) is evaluating whether to invest up to $300 million in crypto assets, though the actual amount could range from $50 million to $250 million. NBK chairman Timur Suleimenov clarified 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 the bank has already created a separate portfolio within these reserves that includes high-tech stocks and financial instruments related to digital assets.
Market Downturn Slows Decision-Making
The recent collapse in the crypto market is a major reason the NBK is taking a slow approach. In November, global crypto market capitalization fell by roughly $500 billion. Bitcoin dropped 17 percent, sliding from $110,000 to about $81,000, marking its lowest level in seven months.
Because of 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 needed to invest in digital assets, Suleimenov noted that the bank will not act until strong investment opportunities appear. 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 analyzing the situation carefully and will not rush into investment decisions.
Kazakhstan Expands Its Crypto Ecosystem
Kazakhstan continues to deepen its involvement in the digital economy. In September, the Alem Crypto Fund, created by the Ministry of Artificial Intelligence and Digital Development with support from Binance, officially began operating and made its first investment in Binance’s BNB token.
Previously, Suleimenov also announced plans to create a national cryptocurrency fund worth up to $1 billion. That fund would invest slowly and mainly through exchange-traded products and shares of crypto-related companies.
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