The Czech National Bank (CNB) has taken its first step into digital assets by creating a $1 million test portfolio designed to evaluate blockchain technologies. The acquisition was carried out outside the bank’s international reserves, allowing the institution to explore the space without affecting monetary operations.
The portfolio includes three types of assets: Bitcoin, a stablecoin pegged to the U.S. dollar, and a tokenized deposit. According to the bank, the goal is to examine the full operational cycle — from key storage and administration to compliance and auditing.
Why the Central Bank Launched a Crypto Test
The project received approval from the Bank’s Board on October 30, 2025, following a review of an analytical report on new asset classes. Only the digital asset section of the report was made public.
“The idea to create a test portfolio came to me in January 2025. The aim was to test decentralized Bitcoin from a central bank perspective and assess its potential role in diversifying our reserves,” said CNB Governor Aleš Michl.
He added that Bitcoin’s price can be extremely volatile, and investors should remain aware of the risks.
The CNB stressed that it does not plan to include crypto assets in its official reserves and does not intend to increase its exposure in the near future. Instead, the test portfolio is part of the bank’s standard financial activities.
“The digital assets in the test portfolio are separate from international reserves and do not affect the CNB’s ability to conduct foreign-exchange interventions or implement monetary policy. The portfolio was acquired through a market transaction within the bank’s standard activities outside international reserves,” the institution explained.
In February 2025, Governor Michl also reminded the public that Bitcoin should not be equated with other crypto assets, emphasizing its unique decentralized structure.
