The country partnered with Solana (SOL) and announced a $1 billion cryptocurrency project!
While the demand for Bitcoin (BTC) and cryptocurrencies is increasing day by day, governments are also taking rapid and important steps regarding the crypto sector.
At this point, the latest news came from Kazakhstan.
According to Bloomberg, Kazakhstan is preparing to establish a national cryptocurrency reserve fund worth between $500 million and $1 billion.
The fund's capital will come from assets seized or repatriated by the government from abroad and profits from state-supported mining operations.
The fund in question avoids direct exposure to cryptocurrencies but will invest in ETFs and crypto-related companies.
The fund is expected to become operational in early 2026.
The fund will invest in ETFs and shares of crypto-focused companies, not directly in Bitcoin or cryptocurrencies, Timur Suleymanov, Governor of the Central Bank of Kazakhstan, told Bloomberg in an interview in London.
“We will be very careful about direct exposure to cryptocurrencies.
“I think we will have the fund operational by the end of the year, which is January of next year. Everyone is ready.”
As you may recall, Kazakhstan announced plans for a state-managed cryptocurrency reserve in mid-2024.
Last June, Kazakhstan announced the signing of a significant agreement with the Solana (SOL) Foundation. Accordingly, the Foundation announced its partnership with Kazakhstan to establish Central Asia's first Blockchain Economic Zone. This initiative aims to establish Kazakhstan as a regional blockchain hub, promote Web3 technologies, and attract global talent.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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