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Czech National Bank (CNB) took a first step in the world of digital currencies from buy $1 million of cryptocurrency.
According to a press releasethis initial purchase of crypto includes three types of digital assets: Bitcoin
BTC
$96,749.23
a stablecoin linked to the US dollar, and a tokenized deposit issued by the bank.
By using a limited number of assets and selecting only a few, the CNB aims to study how digital tools work in practice.
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The central bank stated that has no intention of creating a full digital reserve anytime soon. Instead, this test is intended to prepare the institution for future developments, especially as other countries and financial systems begin to explore similar paths.
Governor Aleš Michl said that the crown could one day be used for everyday transactions, as well as to buy tokenized investments.
To support this experiment, the CNB also launched a new project, the CNB Lab Innovation Hub. This hub will explain how technology like blockchain could be used in financial services and how the central bank can adapt its tools with technological advances.
In January, the CNB began to explain Bitcoin as a way to diversify their foreign exchange reserves. Michael suggested set aside 5% of the bank’s reserves, about $7.3 billion, for Bitcoin, although the bank’s board did not approve the plan.
On November 11, SoFi Technologies, a bank based in the United States, began offering cryptocurrency trading to its customers. What did CEO Anthony Noto say? Read the full story.
