On November 4, 2025, the Czech National Bank (ČNB) announced a pilot project: investing $1 million in Bitcoin and stablecoins pegged to the US dollar. This is the first case where a central bank in an EU country publicly invests in crypto assets as part of its reserves.
"We are testing digital assets to understand their impact on liquidity, volatility, and operational risks," said Governor Aleš Michl at a press conference in Prague. The investments are distributed: 60% in $BTC through a spot ETF, 40% in USDC and USDT on regulated platforms. The total reserves of ČNB are €148 billion, so crypto accounts for only 0.0007%.
The project will last for 12 months with quarterly reports. The bank collaborates with Coinbase Institutional and Circle for custody and compliance. "This is not speculation, but research. We do not plan to HODL forever," added Michl.
Market reaction: the Czech koruna rose by 0.3%, BTC by 1.2% after the news. Experts see a signal for other central banks: Switzerland and Poland are already studying similar pilots. Critics, like economist Miroslav Singer, warn of volatility risks: "This could undermine confidence in monetary policy."
Czech National Bank emphasizes: the goal is to prepare for CBDC and understand DeFi. If the pilot is successful, the share of crypto could rise to 0.1% of reserves by 2027.
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