🇰🇿 KAZAKHSTAN PREPARES TO BUY 300 MILLION USD CRYPTO
🔸 The central bank of Kazakhstan wants to invest between 50 and 300 million USD in crypto but will wait for the market to stabilize.
🔸 This amount is taken from foreign exchange reserves, not the national wealth fund.
🔸 They have a portfolio that includes technology stocks and financial products related to crypto, but they still want to proceed slowly to reduce risk.
🔸 Previously, Kazakhstan planned to establish a national crypto fund worth 1 billion USD to invest through ETFs and crypto company stocks.
🔸 This country is building a strong crypto ecosystem, such as the national crypto reserve fund investing in the first Bitcoin ETF fund in Central Asia and allowing the use of stablecoins to pay fees.
🔸 Kazakhstan was once a major center for Bitcoin mining but has decreased due to adjustments and upgrades to the power system.
🔸 They are also building "CryptoCity" to experiment with daily crypto payments and are preparing to launch a digital tenge in the future.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
🇰🇿 KAZAKHSTAN PREPARES TO BUY 300 MILLION USD CRYPTO
🔸 The central bank of Kazakhstan wants to invest between 50 and 300 million USD in crypto but will wait for the market to stabilize.
🔸 This amount is taken from foreign exchange reserves, not the national wealth fund.
🔸 They have a portfolio that includes technology stocks and financial products related to crypto, but they still want to proceed slowly to reduce risk.
🔸 Previously, Kazakhstan planned to establish a national crypto fund worth 1 billion USD to invest through ETFs and crypto company stocks.
🔸 This country is building a strong crypto ecosystem, such as the national crypto reserve fund investing in the first Bitcoin ETF fund in Central Asia and allowing the use of stablecoins to pay fees.
🔸 Kazakhstan was once a major center for Bitcoin mining but has decreased due to adjustments and upgrades to the power system.
🔸 They are also building "CryptoCity" to experiment with daily crypto payments and are preparing to launch a digital tenge in the future.