The Czech National Bank (CNB) has made its first investments in digital assets by forming a test portfolio worth $1 million. As part of this project, the bank did not use international reserves, and the acquisition of assets was carried out to test the operation of blockchain technologies in real conditions.
This is reported by Business • Media
Portfolio Structure and Experiment Goals
The CNB’s test portfolio includes three types of digital assets: Bitcoin, a dollar-pegged stablecoin, and a tokenized deposit. This approach allows the regulator to test the full cycle of operations with digital assets: from storing and managing keys to conducting audits and ensuring compliance. The project was approved by the Bank Council on October 30, 2025, after a detailed analysis of the new asset classes. Only a portion of the analytical report concerning digital assets was presented to the public.
“The idea of creating a test portfolio came to me in January 2025. The goal was to test decentralized Bitcoin from the perspective of the central bank and assess its potential role in diversifying our reserves,” said CNB Governor Aleš Michl.
Bank’s Position and Risks for Investors
Governor Aleš Michl emphasized that the value of Bitcoin can fluctuate significantly, so investors should be aware of all potential risks associated with such operations. At the same time, the bank stressed that it currently does not plan to include crypto assets in its official reserves and has no intention of increasing the volume of investments in the near future. The formation of the test portfolio is part of the bank’s regular financial activities, and digital assets remain separate from international reserves.
“The digital assets of the test portfolio are separated from international reserves and do not affect the CNB’s ability to conduct currency interventions or implement monetary policy. The portfolio was acquired as part of a market operation within the standard financial activities of the bank outside of international reserves,” the bank explained.
It is worth noting that back in February 2025, Aleš Michl urged not to equate Bitcoin with other crypto assets, emphasizing the importance of distinguishing between these digital instruments.