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The Czech National Bank (CNB) announced on November 13, 2025, that it has created a US$1 million test portfolio of digital assets primarily Bitcoin, alongside a U.S.-dollar stablecoin and a tokenised deposit marking one of the first instances of a developed-country central bank directly holding crypto-assets.
According to Reuters, the assets were acquired through an undisclosed exchange and will not form part of the bank’s official foreign-exchange reserves. The CNB emphasised that the portfolio will remain separate and will not be expanded further at this time.
Why the Pilot Was Launched
Governor AleΕ‘ Michl of the Czech National Bank originally floated the idea in January 2025, noting the evolving role of digital-asset markets and the potential future of tokenised investments. The CNB’s statement explains that the pilot’s objective is to gain practical experience across the full lifecycle of digital-asset management from purchase and custody to key-management, approval workflows, AML compliance and crisis-response procedures.
The bank stressed this is an experimental initiative meant to last two to three years, after which its learnings will be assessed. The CNB clarified that the assets will sit outside its main reserves and will not be actively increased during this pilot period.
Significance for Central-Bank Crypto Adoption
This move by the Czech National Bank is a notable signal in the crypto-asset space, especially given the typically conservative stance of central banks toward volatile assets. Key implications include:
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Early mover advantage: While some central banks have discussed crypto exposure, the CNB appears to be one of the first in a developed economy to actually hold Bitcoin in a structured pilot portfolio.
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Operational testing of infrastructure: The pilot gives the CNB an opportunity to build internal capacities around digital-asset custody, tokenised instruments and blockchain frameworks in a controlled environment.
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Potential roadmap for digital-asset inclusion: Should the pilot prove feasible and manageable, central banks may more confidently explore integrating crypto-assets or tokenised reserves in the future though the CNB itself emphasised this is not immediate.
Risks & Constraints
Despite the step forward, several risks and caveats come with the pilot:
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Volatility: Bitcoin remains a highly volatile asset, which central banks traditionally avoid in reserve management. Indeed, the European Central Bank has previously dismissed crypto-assets as suitable reserve holdings.
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Regulatory uncertainties: Managing digital-asset custody, token-driven instruments and AML/compliance frameworks introduces new regulatory complexity.
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Limited scale: The US$1 million size is symbolic rather than transformative; the CNB explicitly states there will be no expansion at this stage.
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Reputational and operational risk: Central banks maintain public trust by safeguarding financial stability. Experimenting with crypto-assets may attract heightened scrutiny or criticism if adverse outcomes occur.
What to Monitor Going Forward
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How the CNB reports on the pilot’s findings after the 2–3 year period and whether it plans any further step-up.
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Whether other central banks follow suit and announce similar test-portfolios or pilot crypto allocations.
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Updates to regulation or guidance in the EU or globally regarding central-bank holdings of digital assets.
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Market reaction: whether the move by the CNB bolsters investor and institutional confidence in crypto-assets as part of institutional portfolios.
FAQs
Q1: What exactly did the Czech National Bank buy?
The CNB acquired a test portfolio worth US$1 million that mostly consists of Bitcoin, along with a U.S.-dollar stablecoin and a tokenised deposit instrument. The purchase was conducted via an undisclosed exchange.
Q2: Does this mean Bitcoin is now part of the Czech central bank’s official reserves?
No. The assets are specifically outside the CNB’s official foreign-exchange reserves and are not being actively increased. This is strictly a pilot experiment.
Q3: Why is the CNB doing this?
The bank seeks to test and gain operational experience with digital-asset processes including custody, approval workflows, security, AML compliance and tokenised instruments with a view to potential future applications.
Q4: Is this a sign that central banks will widely start buying crypto?
Not necessarily. While the move is significant, the CNB emphasises it is a pilot only. Other central banks remain cautious about crypto’s volatility, liquidity and regulatory implications.
Q5: What are the risks involved in a central bank holding crypto assets?
Key risks include high price volatility, regulatory scrutiny, custody and security issues, and the potential for reputational or financial stability impacts if things go wrong.
Q6: How does this affect the broader crypto market?
The CNB’s pilot may boost institutional confidence in the idea of digital-assets being holistically integrated into financial institutions, possibly paving the way for more formal adoption in the future.