On 30 October 2025, the Czech National Bank (CNB) approved a $1 million “test portfolio” to experiment with tokenized assets, including Bitcoin. The initiative is a concrete operational and regulatory step to study custody, compliance and tokenization without compromising significant reserves, affecting institutional investment officers, product teams and compliance.
The CNB launched in November 2025 an experimental $1 million portfolio composed of Bitcoin, a USD‑denominated stablecoin and a tokenized bank deposit, designed as a two‑ to three‑year operational laboratory, according to internal sources.
Governor Aleš Michl had previously floated much larger investments, even suggesting “billions” and up to 5% of foreign exchange reserves —about $146 billion—, i.e., around $7.3 billion; the bank’s board rejected that scale and opted for a contained test.
The portfolio’s explicit objectives are operational: to trial secure custody mechanisms and key management, design multi‑level approval controls for transactions, adapt accounting and audit procedures for on‑chain assets, and assess AML/KYC processes in the context of tokenized assets. The CNB also intends to simulate crisis scenarios to measure operational resilience. In one sentence: the pilot seeks to turn theory into operational practice without exposing the core of reserves.
The scope of the CNB test portfolio
The tokenized deposit component functions as a bridge to regulated assets, allowing the CNB to experiment with how traditional instruments can circulate on blockchain‑based infrastructures.
The decision reflects a limited learning strategy with concrete possible effects. It improves the institutional learning curve on custody and operational risk controls, tests solutions for accounting reconciliation and auditing of on‑chain transactions, provides practical evidence to design AML frameworks applicable to digital assets, and opens the door to future experiments with larger‑scale tokenized assets if results permit.
Institutional risk management drove the choice for caution over ambition. Governor Aleš Michl publicly advocated investing at scale in Bitcoin in prior hearings, while another board member, Jan Kubicek, underlined concern about volatility and legal uncertainties, according to minutes and public statements.
The next milestone is the two‑ to three‑year trial period and the testing of custody and audit procedures; those results will be decisive for any decision to increase exposure or develop tokenized instruments governed by the CNB.
