Kazakhstan President Proposes Establishment of National Digital Asset Fund
On September 8, according to Astana Times, Kazakhstan President Kassym-Jomart Tokayev emphasized the importance of attracting capital into high-tech sectors and instructed the government and the National Bank to formulate an investment plan worth up to $1 billion to promote technological development. In addition, he proposed the establishment of a National Digital Asset Fund under the National Bank's investment company. This fund will accumulate strategic cryptocurrency reserves and incorporate promising digital assets in the evolving financial landscape. He urged the development of new tools to inject bank liquidity into the economy and stressed the necessity of drafting a new banking law. The proposed legislation aims to enhance competition, attract new market participants, strengthen fintech development, and liberalize the circulation of digital assets. He emphasized the need to accelerate the construction of a comprehensive digital asset ecosystem in Kazakhstan. He also mentioned the launch of the digital tenge, a digital currency that has already been used by the National Fund for project financing.
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