The Czech National Bank is entering new territory: for the first time, it is investing in digital assets and creating a test portfolio worth 1 million US dollars. With Bitcoin, Stablecoins and tokenised deposits, the ČNB aims to examine what role blockchain-based technologies could play in the future within the financial and payment system.
The Czech National Bank (ČNB) is going digital: for the first time in its history, it has invested in digital assets. The purchase was made outside the existing foreign exchange reserves and serves exclusively for testing purposes. With an investment of 1 million US dollars, a pilot portfolio of blockchain-based assets is being created. In addition to Bitcoin, it also includes a test position in the form of a USD Stablecoin as well as a tokenised deposit on a blockchain. An active expansion of the portfolio is not planned. The aim of the project is to gain practical experience in handling digital assets and to test the processes required for them.
However, the ČNB does not currently plan to include Bitcoin or other digital assets in its official foreign exchange reserves. A decision has not yet been taken regarding other asset classes that have also been assessed.
ČNB Governor Aleš Michl explained that the idea of a test portfolio had already emerged in January 2025. The intention was to examine what role a decentralised asset such as Bitcoin could play from the perspective of a central bank in the future – for example, in connection with a possible diversification of the reserves. Internal discussions later expanded the focus to include the future of payments and the tokenisation of assets. For this reason, the portfolio now also includes Stablecoins and tokenised deposits. The public will be kept informed on an ongoing basis, although a comprehensive conclusion will only be available in two to three years.
Czech Koruna Remains Legal Tender
In his further remarks, Michl emphasised the central bank’s long-term perspective: the koruna will remain legal tender, and the ČNB will continue to do everything possible to keep inflation low and stabilise the currency. Nevertheless, the number of digital payment and investment options will grow significantly in the coming years. The ČNB therefore wants to understand how such technologies work – and what place they could occupy in the financial system in the future. It is conceivable, for example, that citizens could one day easily purchase tokenised Czech government bonds.
The digital assets are kept strictly separate from the foreign exchange reserves. The test portfolio does not influence potential foreign exchange interventions nor the ČNB’s monetary policy capacity. The investment was executed as a standard market transaction outside the reserves and is too small to have any impact on the central bank’s overall balance sheet – even in the case of significant price fluctuations. Governor Michl expressly points out the high risk associated with Bitcoin and warns of its strong volatility.
Innovation Project ČNB Lab
In parallel, the ČNB has launched the innovation project ČNB Lab. The new hub is intended to pool tests and developments that could influence the financial system and monetary policy in the future. Alongside digital assets and blockchain solutions, this also includes applications of artificial intelligence, innovations in payments – for example in the area of instant payments – as well as further initiatives for the digitalisation of the financial sector.
