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Kazakhstan's central bank will bolster the country's crypto reserves with criminals Bitcoin, allocating $350 million in initial investment
According to DLNews, the State Investment Corporation (NIC), the investment arm of the central bank of Kazakhstan, announced plans to strengthen the country’s crypto reserves using cryptocurrencies seized by law enforcement agencies, along with foreign exchange and gold reserves, according to DLNews. NIC head Timur Suleimenov said on January 28 that the central bank has allocated $350 million in overseas currency and gold for the fund.
Instead of buying or holding cryptocurrencies directly, the NIC initially made purchases through five screened hedge funds and expanded its investment scope to crypto-specific venture capital funds. According to Kazakhstani President Kassym-Jomart Tokayev, police have shut down 130 illegal crypto exchanges with a total revenue of about $124 million and seized assets worth more than $5 million.