Czech National Bank tests Bitcoin, crypto reserve with historic $1M buy

The Czech National Bank invested $1 million to test a crypto reserve that includes Bitcoin, a stablecoin and tokenized bank deposits.

The Czech National Bank (CNB), the central bank of the Czech Republic, announced on Thursday the purchase of cryptocurrencies worth $1 million for the first time to test a digital asset reserve and gain “practical experience” in handling digital assets.

CNB’s reserves will include Bitcoin (BTC), one US dollar-pegged stablecoin and one tokenized bank deposit, according to the announcement.

The bank said that while the test is intended to study crypto and prepare the bank for international adoption to remain globally competitive, it is not planning to adopt a digital asset reserve in the “near future.” CNB governor Aleš Michl said:

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