In a latest development, the board of the Czech National Bank approved a proposal on Thursday to analyze the options for investing in additional asset classes, including bitcoin.

The CNB noted in a statement that the central bank has been increasingly diversifying its investments over the last two years as part of its reserve management strategy.

“At the proposal of Governor Aleš Michl, the CNB is to assess whether it would be appropriate in terms of diversification and return to include other asset classes in the reserves as well,” it noted. 

The board said it will decide on next steps after analyzing the situation, with no changes until then. Any new reserve investments will be revealed in quarterly and annual reports. Remarkably, if Bitcoin is added, the CNB would be the first central bank to hold it.

CNB Governor Aleš Michl recently announced plans to introduce a BTC reserve, calling it a game-changer. The national bank aims to invest at least 5% of its €140bn reserves in Bitcoin. However the Finance Minister had voiced concerns about Bitcoin’s instability and volatility. He argued that Bitcoin is unsuitable as a national reserve due to its highly volatile nature and emphasized that the government cannot override the CNB’s decisions.

Nevertheless, the Czech National Bank’s move to explore Bitcoin as part of its reserve strategy marks a bold step toward diversification. The decision will be carefully analyzed, and if approved, it could set a precedent for other central banks, with the CNB potentially becoming the first to hold Bitcoin in its reserves.

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