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US President Donald Trump set an example for the entire world with the national strategic Bitcoin (BTC) reserve he officially launched after taking office in January.
At this point, while many countries and major companies are pulling out their stops for crypto reserves, saying that the US has inspired them, the final move in this regard came from Kazakhstan.
The Governor of the National Bank of Kazakhstan, Timur Suleimenov, said that the country will establish a Bitcoin and cryptocurrency reserve that can be managed by a subsidiary of the National Bank, according to local Kazakh media qazinform.
It was stated that the reserve will be financed by confiscated crypto assets and cryptos issued with state participation.
The initiative by the National Bank of Kazakhstan coincides with President Kassym-Jomart Tokayev’s announcement late last month of a pilot project called “CryptoCity.” The project aims to enable crypto payments and create a regulatory testing ground to support innovation in digital assets.
Like Kazakhstan, Pakistan announced in late May that it would establish a strategic Bitcoin reserve. Bilal bin Saqib, the cryptocurrency advisor to the Pakistani prime minister, stated that his decision to invest in Bitcoin was inspired by the US move to establish its own Bitcoin reserve.
With this decision, Pakistan has marked a significant change from its previous stance, where the Pakistani government stated that it would never legalize Bitcoin and cryptocurrencies.
Kazakhstan recently announced that they have signed an important agreement with the Solana (SOL) Foundation. Accordingly, the Solana Foundation stated that they are preparing to establish the first Blockchain Economic Zone in Central Asia by establishing a partnership with Kazakhstan. This initiative aims to make Kazakhstan a regional blockchain center, promote Web3 technologies and attract global talent.
*This is not investment advice.