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

PANews reported on September 8th that, according to the Astana Times, Kazakh President Kassym-Jomart Tokayev emphasized the importance of attracting capital to the high-tech sector and instructed the government and the National Bank to develop an investment plan worth up to $1 billion to promote technological development. Furthermore, he proposed the establishment of a National Digital Asset Fund under the National Bank Investment Company. The fund would accumulate strategic cryptocurrency reserves and incorporate promising digital assets into the evolving financial landscape.

He also urged the development of new tools to inject bank liquidity into the economy and stressed the need for a new banking law. The proposed legislation will aim to enhance competition, attract new market participants, strengthen fintech development, and liberalize the circulation of digital assets. He emphasized the need to accelerate the development of a comprehensive digital asset ecosystem in Kazakhstan. He mentioned the launch of the digital tenge, which has been used to finance projects through a state fund.