Kazakhstan Eyes $350 Million Crypto Play

The Central Bank of Kazakhstan plans to put up to $350 million into crypto‑related investments, moving beyond traditional gold and foreign‑exchange holdings. This money will come from the country’s nearly $70 billion in reserves, a move that shows a desire to diversify assets with a relatively small capital outlay. The bank says it will not buy digital coins directly; instead, it aims to invest in shares of tech firms tied to cryptocurrencies, index funds that mirror crypto movements, and other similar instruments. The initiative could tie into Alatau City, a planned “smart city” that aims to house 2 million residents by 2050 and become the region’s first fully digitalized urban area.President Kassym‑Jomart Tokayev has linked the crypto strategy to this project, suggesting that digital currencies could be used for everyday payments in the new city. Deputy Governor Aliya Moldabekova noted that company selection is still underway, focusing on firms involved in crypto infrastructure. The timeline for the first investment could start as early as next month, but may not begin until May. This approach differs from the U. S. strategy that used seized Bitcoin to build a national reserve under former President Trump. Kazakhstan’s plan signals an ambition to establish a foundational role for digital assets in its future financial system.