Kazakhstan’s Central Bank to Tokenize Gold Reserves Amid Crypto Payment Pilots
Kazakhstan’s central bank is advancing its digital asset strategy with plans to tokenize gold reserves and test crypto payments via QR codes. The National Bank of Kazakhstan (NBK) has greenlit three pilot projects, including the tokenization of refined gold—a move that aligns with its aggressive accumulation of the precious metal. The NBK added 32 tonnes to its reserves this year alone, leveraging its first-refusal rights on domestically refined gold.
Gold prices, currently NEAR record highs at $4,500 per troy ounce, have been touted by NBK Governor Timur Suleimenov as outperforming cryptocurrencies. Yet the bank’s deputy governor hinted at potential crypto investments, signaling a nuanced approach to digital assets. The pilots proceed despite a recent regulatory stance rejecting cryptocurrencies as legal tender.
