Key dealers
- The Czech National Bank is investigating new asset classes, including Bitcoin, for its international reserves.
- CNB aims to diversify its investment portfolio but has not announced immediate changes.
Czech National Banks (CNB) Board of Directors has approved a proposal to analyze new asset classes such as Bitcoin for its International Reserve Management Strategy, according to EN Jan 30 press release. The decision, which was made at a banking board meeting on Thursday, is part of CNB’s ongoing efforts to diversify its reserve portfolio.
Although CNB’s official statement stopped Mom at Bitcoin, Governor Aleš Michl had already tipped his hand on Wednesday, favorable He would run his team to explore Bitcoin’s place in their reserves at Thursday’s meeting.
The press release after the meeting confirms that this exploration officially is ongoing.
“Based on the results of the analysis, the Banking Board will decide how to proceed,” as noted in the publication. “No changes will be implemented in this area until then. Any changes in the reserve portfolio will be revealed in the quarterly information about CNB’s international reserves and in CNB’s annual report. “
According to the Financial Times, CNB is considering investing up to $ 5% of its $ 7 billion in Bitcoin to diversify its portfolio. If approved, this can make CNB the first major central bank in the West to include digital assets in its reserves.
Michl later made it clear at X that no immediate decision was on the way and stated that the central bank would first evaluate the advantages and feasibility of the proposal.
However, the idea is against resistance from Finance Minister Zbynыk Stanjura due to Bitcoin’s price volatility, which he considers inappropriate for spare holders.
“The central bank should symbolize stability. If you look at Bitcoin trading, it is definitely not a stable asset, “Stanjura mentioned In a recent statement.
Since taking office in 2022, Michl has focused on diversifying reserves, increasing gold purchases and moving investments to shares.
In an interview with Party Terezie Tománková about CNN Prima News earlier this month, CNB Governor mentioned He was thinking about including Bitcoin in the bank’s foreign exchange diversification strategy, focusing on low inflation and financial stability.
Michl said he thought Bitcoin was interesting, but noted the uncertainty in its technology and suggested a cautious strategy, with potential less acquisitions. CNB currently benefits traditional assets such as gold, equities and bonds and has plans to increase their gold reserves.