The Czech National Bank has launched a $1 million digital asset pilot, becoming one of the first central banks to include bitcoin, stablecoins, and tokenized deposits in its test portfolio. The pilot aims to provide hands-on experience.
Already in January this year, the Czech central bank governor Aleš Michl (image) explained his thoughts in a tweet on potentially adding Bitcoin to the country's official currency reserves. Now his plans have been approved by the Czech Bank Board.
The Czech National Bank (CNB) has then become one of the first national central banks to purchase bitcoin, establishing a $1 million test portfolio that includes Bitcoin, USD stablecoins, and tokenized deposits. Approved in October 2025, this pioneering initiative represents a significant departure from traditional central banking practices and European monetary policy norms.
The pilot program, initially proposed by CNB Governor Aleš Michl in January 2025, aims to provide hands-on experience in managing blockchain-based digital assets. Notably, the acquisition falls outside the bank's official international reserves, positioning it as an experimental venture rather than a formal policy shift. Over the next 2-3 years, the CNB will evaluate Bitcoin's potential role in reserve diversification and assess the operational challenges of holding cryptocurrencies.
This move directly challenges the European Central Bank's stance, with ECB President Christine Lagarde previously stating that Bitcoin would not enter ECB member reserves. However, the Czech Republic's non-eurozone status grants the CNB greater independence in monetary experimentation.
Historically, central banks have been skeptical of cryptocurrencies due to volatility concerns, regulatory uncertainties, and liquidity issues. Yet this pilot reflects a broader global trend toward cautious crypto exploration by sovereign institutions seeking strategic diversification.
The CNB plans to share its findings publicly, potentially influencing other central banks considering similar experiments. While symbolic in scale, this initiative marks a meaningful evolution in central banking attitudes, from outright rejection to measured experimentation with digital assets in the modern financial ecosystem.
