The Czech National Bank (CNB) has approved a proposal to assess the feasibility of investing part of its reserves in Bitcoin.
In its official statement, the CNB highlighted the diversification efforts that have been ongoing in the management of national reserves over the past two years. “The Central Bank is increasingly diversifying its investments as part of its reserve management strategy,” the CNB said, adding: “Upon the proposal of President Aleš Michl, the CNB will assess whether the inclusion of other asset classes in reserves would be appropriate in terms of diversification and returns.”
The bank stressed that no immediate changes will be made, with steps to be taken depending on the results of the assessment. If Bitcoin is included, the CNB would become the first central bank known to hold BTC ($105,237.97) in reserves.
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Lucien Bourdon, a Bitcoin analyst at Czech hardware wallet maker Trezor, called the move a historic moment. “If approved, this decision could be a turning point not only for the Czech Republic but also for the global adoption of Bitcoin as a tool for national economic strategy,” Bourdon said.
While the CNB is considering this move, European Central Bank (ECB) President Christine Lagarde has reaffirmed her opposition to Bitcoin as a central bank reserve asset within the Eurozone, citing concerns over liquidity, security and regulatory oversight. However, since the Czech Republic operates outside the Eurozone, its policies are not bound by ECB directives.
*This is not investment advice.
Continue Reading: Another Approval for Bitcoin (BTC) from the Central Bank of the Czech Republic – Could ECB President Lagarde’s Statements Stop the Czech Republic?
