Kazakhstan's president proposes establishing a national digital asset fund to accumulate strategic cryptocurrency reserves

According to the Astana Times, Kazakh President Kassym-Jomart Tokayev recently emphasized that attracting capital to high-tech sectors has become a key priority for the country's economic development.

He emphasized that the government and the National Bank should collaborate on a $1 billion investment plan to comprehensively enhance the country's technological capabilities and build innovative infrastructure.

President Tokayev also proposed establishing a National Digital Asset Fund within the National Bank's Investment Company. This fund would be responsible for accumulating and managing strategic cryptocurrency reserves, aiming to integrate promising digital assets into the national financial system and adapt to the evolving global financial landscape.

This initiative demonstrates Kazakhstan's active development in the digital finance sector to enhance its participation in international financial markets and enhance its resilience.

The President also urged relevant departments to develop new financial instruments to effectively channel bank liquidity into the real economy, with a focus on supporting technological innovation and industrial upgrading.

He also highlighted the urgent need for a new banking law to further stimulate market competitiveness, attract new participants, including international capital, strengthen the development of the fintech industry, and promote the compliant circulation of digital assets.

Tokayev emphasized the need to accelerate the development of a complete and resilient digital asset ecosystem. In this process, the digital tenge, a state-backed digital currency, has been used to finance specific projects through national funds, demonstrating its important role in promoting economic digitalization and improving the efficiency of financial services.

This series of policy and legislative developments demonstrates Kazakhstan's unwavering resolve and strategic vision in financial technology innovation and digital economic transformation.