Kazakhstan announces the establishment of a “Cryptocurrency National Reserve”: State-run Bitcoin mining income and confiscated assets will be included in the national treasury
The National Bank of Kazakhstan will establish a "cryptocurrency reserve" subject to state supervision, and plans to directly incorporate seized cryptocurrencies and bitcoins mined by state-run mines into the state treasury.
(Preliminary summary: Kazakhstan launches the "CryptoCity" plan: establishing a digital experimental zone and integrating cryptocurrency into daily payments)
(Background supplement: Kazakhstan's central bank calls for a comprehensive move towards CBDC in 2025: it has promoted the digital Tangi pilot to speed up the tax refund process)
Another central bank has taken a major step in cryptocurrency reserves, according to "The Block" on June 30 According to a daily report, the National Bank of Kazakhstan will establish a “cryptocurrency reserve” subject to state supervision, and plans to directly incorporate seized cryptocurrencies and Bitcoin mined by state-run mines into the state treasury.
Reserve Mechanism and Legal Progress
Reports indicate that Kazakhstan’s “cryptocurrency reserves” will be centrally managed by affiliates of the National Bank of Kazakhstan (NBK). There are two sources of funds: one is illegal crypto assets confiscated by judicial authorities; the other is mining income regularly turned over by state-owned or joint venture mines.
In addition, asset custody will adopt the method of "cold wallet + multi-signature". The official will also disclose the address on the chain and accept annual third-party audits. In this regard, Kazakhstan Central Bank President Timur Suleimenov pointed out at a press conference on June 30:
"Single custody and transparent accounting books can minimize risks, which are the principles that any sovereign fund should follow."
Currently, the draft legislation is being compiled by the Ministry of Justice and the Financial Supervisory Authority, and the launch date and target scale still need to be reviewed by Congress.
Opportunities and challenges coexist
Currently, led by the US government, more and more countries are beginning to discuss incorporating Bitcoin into their sovereign reserves. Proponents argue that this approach can diversify foreign exchange portfolios, reduce dependence on the U.S. dollar, and reduce systemic risks.
However, opponents also pointed out that this also brings related risks such as price fluctuations and wallet security. For example, the IMF warned in its May 2025 Regional Economic Outlook that highly volatile cryptoassets may amplify sovereign debt if not adequately hedged.
