The Czech National Bank (CNB) has acquired digital assets for the first time in its history. So far, we are talking about an investment of USD 1 million. In addition to bitcoin, our southern neighbors have acquired a stablecoin denominated in USD. However, it is not about including BTC in reserves, but about blockchain research.
The Czech National Bank invests in cryptocurrencies
Yesterday we learned that the Czech central bank invested USD 1 million in BTC and a stablecoin that is denominated in USD. For now, we are talking about a test investment that is intended to help “gain practical experience in storing digital assets and implementing and testing the necessary processes related to it.” The investment amount is not to be increased for now.
As for the formal side, the purchase was approved by the Bank’s Management Board on October 30, 2025 “after discussing the analysis of possible investments in other asset classes.”
The analysis shows that digital assets are evolving and being incorporated into the investment assets of funds and corporations, and may gain increasing acceptance in the future. CNB intends to be prepared for these changes. At the same time, however, he emphasizes that ndoes not plan to include bitcoin or other digital assets in its foreign exchange reserves in the near future
– we read in the bank’s announcement.
The idea was not new
It is worth adding that the idea was born in January 2025. According to CNB president Aleš Michl, from the beginning the idea was not to add BTC to reserves, but to “test decentralized bitcoin from the perspective of a central bank and assess its potential role in the diversification of our reserves.”
The Bank’s Management Board then (in January 2025) decided to prepare an analysis. Subsequent internal discussions expanded the scope to include the future of payments and asset tokenization. As a result, stablecoins and tokenized deposits were included alongside Bitcoin. We will keep the public updated on our experiences and provide an overall assessment of the project in approximately two to three years
– Michl said in a statement.
The rest of his statement shows how the CNB’s policy differs from that of the NBP. According to the central bank governor, although the krone is to remain legal tender in the country, the CNB must strive to maintain low inflation. In addition, the authorities note that “new ways of paying and investing” may soon appear on the market.
Let’s be more forward-looking, more visionary. It is realistic to expect that in the future it will be easy to buy tokenized Czech bonds and others for the Czech koruna
– he added.
So it’s about preparing the bank’s systems for what may come – greater blockchain adoption.
Against this background, the NBP looks pale, as such ideas do not even appear in the narrative of the Polish central bank.
This is not about currency interventions!
Let me emphasize this again: in this particular case, it is not about adding cryptocurrencies to the foreign exchange reserve: the digital assets are in the test portfolio and are clearly separated from the foreign exchange reserves and do not in any way affect the CNB’s ability to carry out potential foreign exchange interventions or implement direct monetary policy.
At the same time, the central bank launched a new project – the CNB Lab innovation center, the aim of which is to supervise tests of blockchain technology and “trends that may affect the functioning of the financial market and the conduct of monetary policy in the future.” In addition to testing digital assets and blockchain-based solutions, CNB Lab will test artificial intelligence (AI) tools, support innovations in the area of payments – including instant payments – and conduct other projects related to the digitization of the financial sector.
CNB Lab is intended to be a platform for collecting experience and analyzes from testing new technologies and trends. In addition to blockchain and digital assets, we will focus on artificial intelligence (AI) tools and payment innovations. It’s about gaining practical experience, building professional competences and preparing for the future as best as possible
– said CNB president Aleš Michl.
New project and the law
Transactions involving bitcoin may be concluded by the bank pursuant to Article 32 of the relevant Act, which states that “the Czech National Bank is authorized to conduct transactions on the financial market in order to implement its tasks, in particular:
a) maintaining accounts of banks, branches of foreign banks and savings and credit unions and accepting their deposits,
b) trading in investment instruments and other securities, foreign currencies, precious metals, receivables and other assets in the form of purchases and sales, repo transactions, deposits, credits, loans or futures contracts,
(c) carrying out credit operations.
From the bank’s documents we learn that “bitcoin can in principle be considered an asset within the meaning of point (b)”.
However, the additional condition contained in the introductory sentence of the article, namely that the asset is traded on a financial market, is considered crucial. The term “financial market” is not clearly defined in Czech law. However, according to the central bank, the broadest definition is used, covering all subcategories of the market, and there is no doubt that digital assets are currently traded in the “financial market”
– we read further.
National Bank of Poland still says “no” to bitcoin
Finally, I would like to return once again to the comparison of the policy of the Czech central bank with that of the National Bank of Poland.
Earlier this year Gazeta Prawna decided to ask our national central bank whether it plans to purchase bitcoins. Then Adam Glapiński and his colleagues replied that they did not intend to buy BTC due to… too low liquidity on the market. It is worth adding that this argument was surprising even then.
Now the topic returned during the last press conference with Adam Glapiński. It turned out that his approach to cryptocurrencies not only did not change, but even hardened. The central bank is not even thinking about any “experiments” with bitcoin as the main character.
We will not do any experiment. Of course, cryptocurrencies offer the possibility of high profits. Everyone individually can make such risky decisions, but central banks are not about risk, they are not about profits, they are about stability and security
– Glapiński said recently.
The conservative approach of the NBP authorities is emphasized by what happened in September: President Glapiński announced that the bank he manages decided to increase the share of gold in reserve assets – this time to 30%. NBP gold resources currently exceed 520 tons and are worth approximately PLN 240 billion, or 25% of all reserves.
The Czech central bank has the courage to experiment
The decision of the Czech central bank shows courage and readiness to test new technologies that may change global finance in the coming years. CNB does not buy bitcoin to add it to reserves – it builds competences, develops technological resources and prepares the financial system for the future of tokenization and digital assets. Meanwhile, the National Bank of Poland still maintains an extremely conservative position: it says no to bitcoin, and the only response to global changes is to further increase the share of gold in reserves. The difference in approaches is striking – while the Czech Republic is testing future technologies, the Polish central bank still sticks only to assets from the last century.
