The National Bank of Kazakhstan approved three digital asset pilot projects including tokenization of its gold holdings.
The central bank also plans to test cryptocurrency payments through QR codes and issue a tenge-pegged stablecoin.
The initiatives come as Kazakhstan accumulated 32 tonnes of gold in 2025 while building a $1 billion national cryptocurrency reserve.
Gold prices reached record highs above $4,540 per ounce this week.
What Happened
Kazakhstan's monetary authority approved the gold tokenization pilot without providing technical details.
Business outlet Kursiv reported the announcement citing the NBK's press service.
The central bank ranked among the world's largest gold buyers in 2025, purchasing 8 tonnes in August alone.
That represented more than half of all central bank gold purchases globally during the month.
NBK Governor Timur Suleimenov previously described gold as an "excellent investment product that performs better than cryptocurrencies and other financial instruments."
Yet Deputy Governor Berik Sholpankulov said in November the regulator may invest portions of its gold and foreign exchange reserves in major cryptocurrencies.
The NBK has earmarked $300 million from reserves toward the country's planned $1 billion cryptocurrency reserve.
The second pilot will test cryptocurrency payments via QR codes despite a recent regulatory statement prohibiting crypto use for goods and services.
Madina Abylkasymova, head of the Agency for Regulation and Development of the Financial Market, stated Kazakhstan will allow citizens to invest in cryptocurrency assets but ban their use for payments.
The QR system likely involves converting digital coins to fiat currency before purchases.
All Kazakhstani banks must implement a unified interbank QR code for payments by the end of the first quarter of 2026.
The third pilot centers on issuing a tenge-denominated stablecoin to facilitate digital asset transactions beyond the currently limited Astana International Financial Center regime.
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Why It Matters
Kazakhstan's dual approach of gold accumulation and cryptocurrency adoption highlights competing reserve diversification strategies.
The central bank holds the right of first refusal on all domestically refined gold and has aggressively exercised this privilege.
Its 32-tonne addition in 2025 came as gold surged over 70% for the year.
Tokenizing gold reserves could enhance liquidity and reduce storage costs while maintaining exposure to the precious metal.
The contradiction between the governor's preference for gold over cryptocurrency and the deputy governor's push for crypto reserve allocation reflects broader central bank debates globally about digital assets.
The banking law "On Banks and Banking Activities" currently under Senate consideration will comprehensively regulate digital finance in Kazakhstan.
The bill passed the Majilis and awaits final approval.
Cryptocurrency exchange Bybit announced a pilot for crypto payments via QR codes in October at a forum in Dubai.
Mazurka Zeng, head of Bybit's fiat and payments team, said the company awaits NBK approval to launch the system.
Kazakhstan previously launched the Evo (KZTE) tenge-pegged stablecoin in September on the Solana (SOL) blockchain through Intebix exchange with Mastercard support.
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