Kazakhstan’s central bank plans to tokenize gold reserves

The National Bank of Kazakhstan (NBK) has given the greenlight to several pilot projects in the digital assets space, including the tokenization of gold under its control.

The central bank also plans to test crypto payments through QR codes, despite a regulator recently declaring cryptocurrencies will not be accepted as a means of payment in the country.

Kazakhstan’s central bank launches pilot crypto projects

The monetary authority in Astana has approved the launch of three pilots in the crypto sector, Kazakh media unveiled, quoting its press service.

Among them is a project to tokenize refined gold accumulated by the NBK, the business news outlet Kursiv reported on Friday.

The regulatory body did not provide more details at this point, but in 2025, it became a major global buyer of the precious metal.

As reported by Cryptopolitan in October, the Central Asian nation’s gold reserves increased by at least 32 tonnes since the beginning of the year.

Kazakhstan’s central bank has the right of first refusal on all gold refined in the country and has been taking advantage of that privilege.

The institution ranked among the largest gold investors more than once in the past months, acquiring 8 tonnes in August alone.

Prices of gold have reached record highs this year and are currently hovering around $4,500 per troy ounce.

NBK Governor Timur Suleimenov described it previously as an “excellent investment product that performs better than cryptocurrencies and other financial instruments.”

However, his deputy, Berik Sholpankulov, said in November that the regulator may invest some of its gold and forex reserves in key cryptocurrencies.

The country intends to build a $1 billion national crypto reserve, and the NBK has already earmarked $300 million for it.

Kazakhstan to trial crypto payments via QR codes

Another pilot project that got the nod at a meeting of the National Bank’s Board is going to focus on testing crypto payments using a QR code platform.

The news of its approval comes right after an official statement indicating the authorities in Astana are not inclined to permit the spending of cryptocurrencies on goods and services.

A day before the NBK press release, the head of the Agency for Regulation and Development of the Financial Market (ARRFR), Madina Abylkasymova, was quoted as stating that while Kazakhstan will allow its citizens to invest in crypto assets, their use for payments will be prohibited.

She was most likely referring to direct crypto payments, while the QR code system may involve the conversion of the digital coins into fiat money before a purchase is made.

Abylkasymova was discussing the upcoming adoption of the new law “On Banks and Banking Activities,” which will comprehensively regulate digital finance and cryptocurrencies in the country. The bill is currently under consideration in the Senate after passing the Majilis.

All Kazakhstani banks are expected to implement a single interbank QR code for payments by the end of the first quarter of 2026, Kursiv reminded.

The website also recalled that in October, crypto exchange Bybit’s local platform announced a pilot for crypto payments via QR codes, presenting a prototype of the system at a forum in Dubai.

The decision for its launch must be made by the NBK, Mazurka Zeng, head of Bybit’s fiat and payments team, said at the time. “As soon as they make it, we are ready to provide users [of Bybit’s app] with the ability to make payments,” the executive added.

Zeng also noted that clients of Bybit Kazakhstan will be able to use the solution when paying with the app in all markets where the crypto trading company operates.

Astana to pilot tenge-pegged stablecoin

The third project unveiled by the central bank is centered on the issuance and circulation of a stablecoin denominated in the national fiat currency, the Kazakhstani tenge (KZT).

Its role will be to facilitate digital asset transactions in the nation’s economy, once they are properly legalized and regulated beyond the currently limited legal regime of the Astana International Financial Center (AIFC).

In September, Kazakhstan announced the launch of a tenge-pegged stablecoin called Evo (KZTE), based on the Solana blockchain and issued through the Intebix crypto exchange with help from Mastercard, as reported by Cryptopolitan.

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