The Czech National Bank (CNB) has initiated a symbolic $1 million "test portfolio" to explore digital assets. The holdings include Bitcoin, a U.S. dollar stablecoin, and a tokenized bank deposit. These funds are not part of official reserves but provide a clear example of a central bank working hands-on with crypto.

Inside the CNB test portfolio

The portfolio focuses on three pillars: native crypto, tokenized traditional finance, and stable value instruments. Bitcoin is used to understand custody and liquidity; the USD stablecoin tests on-chain payments; and the tokenized deposit bridges traditional banking with blockchain operations. All assets are held under strict internal rules and regulated platforms.

Purpose of the experiment

The CNB wants to gain operational experience without committing official reserves. The pilot allows testing wallet management, approvals, risk models, and accounting for a period of two to three years, after which the bank will evaluate insights for its long-term digital asset strategy.

Scale compared to total assets

The $1 million test portfolio represents only 0.0006% of the CNB's total assets (~$160B+), emphasizing operational learning over financial impact. The experiment's small scale ensures that core reserves remain unaffected while the bank studies practical and legal implications.

Implications for Bitcoin and crypto

While the allocation is minor, the CNB signals a shift in central banks’ mindset: from ignoring crypto to understanding it practically. Such experiments may shape the next phase of institutional adoption without sudden large-scale purchases.