On 13 November 2025, the Czech National Bank (CNB) created a test portfolio capped at $1 million composed of Bitcoin, a dollar‑denominated stablecoin and a tokenized bank deposit. The initiative aims to gain operational experience in acquisition, custody and on‑chain asset management and may influence managers, custodians and regulators in Europe. Although the sum is symbolic compared to sovereign balances, it marks a monetary authority moving from theoretical discussion to practical experimentation.
The CNB defines the operation as a two‑ to three‑year exploratory mission to assess technical, legal and risk‑management aspects of blockchain‑based assets. The allocation is deliberately limited to underscore its educational purpose and does not represent a reorientation of reserve policy. The portfolio enables comparison of three digital asset categories: decentralized cryptocurrency (Bitcoin), a dollar‑pegged stable asset and a tokenized instrument issued by a banking entity.
The public driver of the initiative is Governor Aleš Michl, whose earlier proposal in January 2025 suggested a more ambitious option of up to 5% of reserves in Bitcoin. Michl stated that “the objective is not to speculate or diversify reserves, but to learn,” a phrase that summarizes the intention disclosed by the CNB.
The operation contrasts with the predominantly skeptical stance of the European Central Bank, which prioritizes the development of a digital euro and emphasizes the volatility and the apparent absence of intrinsic value in cryptocurrencies such as Bitcoin. Technically, the test will address the full value chain: secure acquisition, custody solutions, transaction processing and integration with existing financial infrastructures.
Context and impact: Czech Central Bank and the EU
The initiative is situated within the European regulatory context, with the CNB acting under the bloc’s framework and with visibility over national reserves. Although the purchase is internal and experimental, it will help identify compliance, KYC/AML and prudential supervision challenges applicable to public‑sector holdings of digital assets. Unlike the ECB’s focus on a centralized digital euro, the CNB seeks to understand how decentralized and tokenized assets fit into operational and control processes.
The CNB will maintain the test for two to three years to consolidate lessons on custody, integration and compliance, emphasizing that this exercise does not imply an immediate change in reserve strategy, but an investment in operational knowledge applicable to future decisions.
