Kazakhstan Launches First State-Backed Digital Asset Reserve with BNB
Kazakhstan has launched its first state-backed digital asset reserve, the Alem Crypto Fund. The fund, a key part of the country's plan to integrate blockchain-based finance into traditional fiscal policy, is a significant step towards a more digital economy.
The Alem Crypto Fund is a joint effort between the Ministry of Artificial Intelligence and Digital Development and the Qazaqstan Venture Group, operating under the Astana International Financial Centre (AIFC). It is administered in cooperation with Binance Kazakhstan, which has been licensed by the Astana Financial Services Authority.
The fund is a future digital state reserve, demonstrating Kazakhstan's commitment to embracing cryptocurrencies. The Kazakh government has chosen BNB, Binance's native token, as the first asset for the fund, showing its trust in the Binance ecosystem. This move follows similar initiatives by El Salvador and Bhutan, but with a focus on BNB instead of Bitcoin.
Kazakhstan has previously announced plans for a 10-ge-denominated stablecoin called KZTE and a pilot zone called CryptoCity for crypto payments. The country's crypto mining legacy has also played a role in its support for the transition to digital reserves.
The Alem Crypto Fund, managed under the AIFC and targeting long-term crypto holdings as strategic reserves, signals Kazakhstan's serious intent to integrate cryptocurrencies into its financial infrastructure. The state's support for this initiative, starting with BNB in partnership with Binance Kazakhstan, is a clear indication of its commitment to this digital future.
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