The Czech National Bank (CNB) has taken a historic step into the digital world. On Thursday, it announced the purchase of $1 million worth of bitcoin and other blockchain-based digital assets as part of a pilot project to gain hands-on experience with digital markets. The test portfolio, which represents just 0.0006% of the CNB’s assets, is separate from its foreign currency reserves and will be evaluated over the next two to three years.

A test portfolio for the future

The portfolio includes bitcoin, US dollar-pegged stablecoins, and a tokenised dollar deposit. According to the CNB, the project will not be expanded during the testing period, and any changes in the portfolio’s value will stem solely from market movements or small test transactions. “Our reserves management and risk management teams now have a mandate to make portfolio decisions,” the bank stated.

The initiative was approved by the Bank Board on 30 October 2025, following an internal analysis of new asset classes. The report concluded that digital assets are gradually entering the portfolios of institutional investors and may become more accepted in the future.

Testing blockchain from a central bank’s view

CNB Governor Aleš Michl explained that the idea originated in January 2025. “The aim was to test decentralised bitcoin from the central bank’s perspective and to evaluate its potential role in diversifying our reserves,” Michl said. During the process, the project expanded to explore the future of payments and the tokenisation of assets, which led to the inclusion of stablecoins and tokenised deposits.

The CNB plans to report on its findings continuously and publish a full evaluation within two to three years. The project aims to test every step of digital asset management—from key administration and security mechanisms to AML verification and multi-level approval processes.

Not a step toward a digital koruna

The CNB emphasized that the project has no connection to a potential central bank digital currency (CBDC) and will not impact the country’s monetary policy or foreign exchange interventions. “The koruna is our legal tender,” Michl stressed. “We will continue to strive to keep inflation low and the koruna strong. But we must also think ahead. It’s realistic to expect that in the future, people will be able to use the koruna to buy tokenised Czech bonds—or even make small investments with a single tap.”

Sources:

https://www.cnb.cz/en/about_cnb/cnblog/First-test-portfolio-of-digital-assets-at-the-CNB/

https://www.cnb.cz/en/cnb-news/press-releases/The-CNB-creates-a-test-portfolio-of-digital-

assets/

https://www.reuters.com/business/czech-central-bank-buys-1-mln-bitcoin-other-crypto-

assets-testing-2025-11-13/