Czech central bank mulls Bitcoin to diversify foreign exchange reserves

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Key Takeaways

CNB Governor Aleš Michl is considering Bitcoin for its foreign exchange reserve strategy.
The CNB currently focuses on gold to achieve low inflation and financial stability.

The Czech National Bank (CNB) Governor Aleš Michl has considered adopting Bitcoin as part of the bank’s foreign exchange reserve diversification strategy, though no immediate acquisition plans exist.

“I have Bitcoin in my head but our strategy now is low inflation, financial stability,” Michl said in an interview with Partie Terezie Tománková on CNN Prima News.

The CNB currently maintains its focus on traditional assets like gold, stocks, and bonds, which comprise the bulk of the bank’s reserves, according to Michl. The governor noted that he considered purchasing “a few Bitcoin” rather than making substantial investments.

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“I considered Bitcoin but there are seven of us on the bank board. I think gold will be enough now but we can continue to discuss it,” Michl said.

He called Bitcoin “a very interesting” asset but highlighted the uncertainty surrounding its underlying technology.

The CNB presently holds 50 tons of gold and plans to double its holdings to 100 tons over the next three and a half years.

“We will have 30% of stocks, we have bonds, we have cash deposits, and we have gold. So that’s it,” Michl discussed the bank’s reserve strategy.

Bitcoin has gained 131% over the past year, outperforming gold’s approximately 30% increase, according to TradingView data.

Several nations have explored Bitcoin reserve initiatives. In November last year, Eros Biondini, a Brazilian lawmaker proposed establishing a national Bitcoin reserve to bolster Brazil’s economic defenses against currency volatility and geopolitical threats.

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Last month, Japanese lawmaker Satoshi Hamada questioned the government about establishing a national Bitcoin reserve, while Russian State Deputy Anton Tkachev urged similar considerations.

Vancouver City Council recently approved a “Bitcoin-friendly” motion that includes converting part of its financial reserves.

In North America, multiple US states including Texas, Alabama, and Pennsylvania have moved toward Bitcoin reserve bills. The US is expected to soon see a national initiative led by Trump.

Although the Czech central bank has no immediate plans to purchase Bitcoin, the country is taking major steps to create a more favorable environment for crypto investment.

The Czech Parliament recently approved an amendment exempting capital gains tax on Bitcoin and other crypto assets held for more than three years. This move aligns with EU regulatory frameworks and aims to encourage participation in the crypto market.