The Czech National Bank (CNB) has purchased $1 million worth of bitcoin and other crypto assets as part of a new test portfolio designed to build practical experience in digital markets. The move marks the central bank’s first direct exposure to blockchain-based assets, although it does not change its official reserve strategy.
The CNB confirmed that it acquired a small portfolio made up mainly of bitcoin, alongside a US dollar-based stablecoin and a tokenized deposit. The bank bought the assets through a regulated exchange but did not name the specific platform or individual instruments.
Officials structured the holdings outside the country’s international reserves. They stated that the bank does not plan to increase the size of the portfolio for now. This ring-fenced structure aims to prevent any impact on reserve management or monetary policy operations.
The CNB described the initiative as a hands-on experiment. Staff will work with the assets over the next two to three years and then present an assessment of the project. During this period, they expect the portfolio’s value and composition to change as prices move and as they test other types of digital instruments.
The central bank aims to test the complete chain of processes involved in buying, holding, and managing crypto assets. This includes technical administration of private keys, multi-level approval workflows, security procedures, and crisis scenarios, as well as anti-money-laundering and compliance checks.
Governor Ales Michl has linked the project to broader changes in payments and investments. He has suggested that consumers may one day use Czech crowns to buy tokenized government bonds or other assets as easily as they make small everyday purchases. The test portfolio provides a way for the bank to prepare for such potential developments.
The mix of assets in the portfolio allows the CNB to compare different crypto categories. Bitcoin represents a decentralised digital asset, the dollar stablecoin reflects private digital cash, and the tokenized deposit points toward regulated tokenized finance. Together, they give the bank a practical view of how each structure behaves in real market conditions.
The CNB stressed that the crypto test does not signal a shift in reserve policy. The bank still treats bitcoin as an immature asset with a limited track record and sees legal and regulatory constraints on adding it to official reserves. It also noted that it could already gain exposure through a bitcoin exchange-traded fund if it chose, but that option remains off the agenda.
European Central Bank President Christine Lagarde has previously voiced opposition to using bitcoin as a reserve asset for EU central banks. Although the Czech Republic does not use the euro, it belongs to the European System of Central Banks, so any future decision on reserve inclusion would face legal and policy scrutiny at the European level.
For now, the CNB positions the $1 million crypto portfolio as an exploratory tool. By running this controlled experiment, it seeks to build internal expertise in digital assets while keeping its core reserves and monetary policy framework unchanged.
Also Read: Current State of the Crypto Market in the Czech Republic