Tokenized Gold Takes Center Stage in Kazakhstan’s Crypto Push

Kazakhstan’s central bank is cautiously expanding its involvement in digital assets, approving a series of pilot programs that blend traditional reserves with blockchain-based experimentation.

The initiatives include tokenizing state-held gold, testing crypto-linked QR payments, and exploring a tenge-backed stablecoin — even as authorities maintain restrictions on direct crypto payments.

Central bank explores gold tokenization and crypto reserves

The National Bank of Kazakhstan has authorized a pilot that would tokenize refined gold under its control, marking a significant step in linking sovereign reserves to blockchain infrastructure. While details remain limited, the move follows a year of aggressive gold accumulation by the central bank, which has ranked among the world’s largest buyers of the metal.

Kazakhstan holds the right of first refusal on all domestically refined gold and has steadily expanded its reserves, adding tens of tonnes over the past year alone. With gold prices hovering near record levels around $4,500 per troy ounce, the asset has been repeatedly described by central bank leadership as a more reliable store of value than cryptocurrencies. At the same time, officials have signaled openness to selectively allocating reserve capital into major digital assets, as part of a broader plan to establish a national crypto reserve valued at roughly $1 billion.

QR-based crypto payments test regulatory boundaries

Another approved pilot will focus on enabling crypto-related payments through QR codes, a move that appears to sit at the intersection of innovation and regulatory caution. The approval comes shortly after financial regulators reiterated that cryptocurrencies will not be permitted as a direct means of payment for goods and services within the country.

Officials have suggested that the QR system may rely on automatic conversion of crypto into fiat currency at the point of sale, rather than true peer-to-peer crypto payments. This approach would align with upcoming banking legislation aimed at comprehensively regulating digital finance, while preserving state oversight of settlement and currency use. All domestic banks are expected to adopt a unified interbank QR payment standard by early 2026, laying the groundwork for such integrations.

The initiative also follows earlier pilot efforts by crypto firms operating in Kazakhstan, including QR payment prototypes presented by international exchanges abroad. Any production rollout, however, remains subject to final approval by the central bank.

Stablecoin pilot targets regulated digital finance

The third pilot centers on issuing and circulating a stablecoin pegged to the Kazakhstani tenge. The token is intended to support regulated digital asset transactions once the legal framework expands beyond the limited scope of the Astana International Financial Center.

Kazakhstan has already announced plans for a tenge-backed stablecoin known as Evo, built on the Solana blockchain and developed with support from private-sector partners, including Mastercard. The new pilot would further test how such instruments could function within a nationally regulated environment.

Taken together, the three pilots reflect Kazakhstan’s measured approach to digital assets: embracing tokenization and blockchain efficiency while keeping tight control over monetary sovereignty and payment flows. Rather than opening the door to unrestricted crypto use, the central bank appears focused on integrating select technologies into the existing financial system on its own terms.

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