Kazakh National Bank to begin crypto-asset investments in April-May, could spend $700 mln

ASTANA. March 6 (Interfax) - Kazakhstan's National Bank plans to begin investing in crypto-assets as early as April or May, as it searches for suitable instruments, Deputy Governor of the National Bank Aliya Moldabekova said at a briefing.

"We are currently selecting companies involved in digital assets, including cryptocurrency infrastructure. The selection process is underway, and we expect to report back soon. Preliminary estimates indicate the first investments will begin in April-May," Moldabekova said.

The National Bank said a portfolio worth $350 million has already been formed from gold and foreign exchange reserves. An additional $350 million from the National Fund is expected to be allocated in March.

"Major investment houses, many sovereign funds, and even governments are starting to invest in crypto-assets, so we should do the same. We are currently forming a list of instruments. It is not primarily cryptocurrency. It won't look like investing, say, $350 million in Bitcoin. Rather, it will go into shares of high-tech companies linked to cryptocurrencies, index funds, and other instruments that exhibit similar dynamics," National Bank Governor Timur Suleimenov said.

The National Bank previously estimated it would invest $300 million in crypto-assets.