The government is reportedly considering converting part of its sovereign wealth and gold holdings into digital assets, signaling the rise of crypto as a state-level asset class. Kazakhstan’s government is reportedly considering converting a portion of the country’s National Fund assets, as well as part of its gold and foreign exchange reserves, to fund a cryptocurrency reserve. According to The Times of Central Asia, Berik Sholpankulov, deputy chairman of Kazakhstan’s National Bank, announced the initiative during a recent parliamentary session. A Bloomberg Law report Friday suggested the government aims to allocate between $500 million and $1 billion to the effort. “I think by year end, January next year, we will have it up and running,” Sholpankulov said, according to Bloomberg. Sholpankulov said the creation of a state-managed crypto asset fund is under discussion among government officials. “We are considering the possibility of using part of the National Fund’s assets and gold and foreign exchange reser...