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Czech National Bank Dips Into Crypto With $1M Test Portfolio in Landmark Experiment
- The CNB has created a US$1 million (AU$1.53 million) digital-asset test portfolio, including Bitcoin, a USD stablecoin, and a tokenised deposit, outside its international reserves.
- The pilot will test operational processes for blockchain assets, including custody, key management, settlement, accounting, auditing, and AML compliance.
- Results will be shared over two to three years, alongside CNB Lab initiatives exploring blockchain, AI, and payment innovations.
The Czech National Bank (CNB) has built a US$1 million (AU$1.53 million) digital-asset ‘test portfolio’ in what it describes as a controlled experiment to understand blockchain-based markets. The purchase, completed via a regulated exchange, marks the bank’s first direct acquisition of Bitcoin and similar assets, all held outside its foreign-reserve framework. The basket contains Bitcoin, a USD-backed stablecoin and a tokenised deposit, enabling the institution to compare the behaviour of different blockchain instruments.
Approval for the trial came on 30 October 2025 after an internal analysis of emerging asset classes. The study concluded that digital assets are increasingly used by funds and corporates, prompting the CNB to prepare for how these instruments may integrate into future financial systems.
Governor Aleš Michl, who proposed the idea early in 2025, said new forms of payments and investments are developing quickly and that the central bank aims to be ready for such transitions.
The aim was to test decentralised Bitcoin from the central bank’s perspective and to evaluate its potential role in diversifying our reserves… We will inform the public about our experience on an ongoing basis and present an overall assessment of the project in approximately two to three years.
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Preparing for the Future
The CNB emphasised that the initiative does not constitute an adjustment to its international-reserves strategy, noting that the pilot will remain small and isolated from policy functions. The bank instead plans to use the setup to examine practical challenges, including wallet management, multi-signature approvals, security frameworks and AML checks. Testing will also extend to settlement, accounting and auditing of on-chain assets.
The portfolio’s value and composition may shift as Bitcoin’s market price moves and as the CNB conducts operational tests, though the overall limit of US$1 million (AU$1.53 million) will remain unchanged.
Findings from the project are expected within two to three years. The exercise forms part of the broader CNB Lab initiative, which will experiment with blockchain solutions, AI tools and modern payment technologies.
The idea [of the CNB Lab] is to gain hands-on experience, build professional capacity and be as well prepared as possible for what the future will bring.
Aleš Michl, CNB Governor 
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
