Kazakhstan's central bank plans to expand the national cryptocurrency reserves using crypto assets confiscated from criminals

PANews, January 30 — According to DL News, the National Investment Corporation (NIC), a subsidiary of the Central Bank of Kazakhstan, announced that it will use cryptocurrencies confiscated from criminals by law enforcement, together with foreign currency and gold reserves, to expand the newly established national cryptocurrency reserve fund.

The head of the company, Timur Suleimenov, stated that $350 million worth of foreign exchange and gold has been allocated as the fund's initial capital. At this stage, the central bank does not plan to hold cryptocurrencies directly, but will invest through five selected hedge funds and will also invest in cryptocurrency venture capital funds. President Tokayev, at a national financial regulatory meeting, stated that the police have shut down 130 illegal cryptocurrency exchanges, confiscating assets worth over $5 million, and instructed agencies to develop specific proposals to combat cryptocurrency-related crime.