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Kazakhstan Eyes Bitcoin Reserves as BTC Pulls Back to $117K
Kazakhstan is exploring the possibility of adding Bitcoin to its national reserves alongside gold and foreign currencies. This move comes as Bitcoin’s price pulls back to a significant $117,000 milestone, sparking renewed interest in the cryptocurrency.
The Central Asian country may soon join the list of nations that hold Bitcoin as part of their official reserves. While no official plan has been announced, sources indicate that top financial authorities are actively discussing this shift.
This development raises important questions about the long-term role of Bitcoin in global finance. Plans to invest a portion of its gold and foreign currency reserves into Bitcoin and other digital currencies appear to be gaining traction among officials.
A notable aspect is Kazakhstan’s intention to fund these sovereign crypto reserves through seized digital assets, as well as state-operated cryptocurrency mining activities. One proposed method involves collecting Bitcoin through taxes or compulsory payments.
The move could mark a significant shift in the country’s approach to economic planning, as it may signal a deeper acceptance of cryptocurrencies among mainstream financial institutions.
Kazakhstan’s gold and foreign currency reserves currently include a mix of assets that are not yet fully diversified. This potential change could allow for diversification into new asset classes and potentially mitigate external shocks affecting its traditional reserves.
Proponents argue that this move would attract more investors to the country, thereby boosting its profile in the rapidly expanding crypto economy.
Several countries have already taken steps in a similar direction. Notably, United States President Donald Trump signed an Executive Order to create a government-owned Strategic BTC Reserve. Additionally, Ukrainian lawmakers proposed a bill enabling the National Bank of Ukraine to hold digital assets like Bitcoin as part of its official reserves.
In contrast, Swiss National Bank President Martin Schlegel expressed skepticism towards Bitcoin’s role as a reserve asset, highlighting the need for more regulation in the crypto space.
Source: www.crypto-news-flash.com
