According to Techub News, DL News reports that NIC, the investment subsidiary of the National Bank of Kazakhstan, announced it will use "cryptocurrencies seized by law enforcement agencies" along with foreign exchange and gold reserves to replenish its cryptocurrency reserve fund.
Timur Suleimenov, head of NIC, stated that the central bank has reserved $350 million worth of foreign exchange and gold reserves for the fund. Initially, NIC does not intend to directly purchase or hold cryptocurrencies, but rather to do so through five pre-selected hedge funds, and will expand its investment scope to include crypto-specific venture capital funds. Kazakhstan's President Kassym-Jomart Tokayev recently revealed that police have shut down 130 illegal cryptocurrency exchanges, generating approximately $124 million in revenue and seizing assets worth over $5 million.
