The inclusion of Bitcoin in the reserves of the Czech central bank remains in doubt following a senior official’s expression of concerns related to legality and market instability.
Discussions surrounding the role of Bitcoin (BTC) in the Czech central bank’s reserves continue, with board member Jan Kubicek expressing doubts due to legal ambiguities and price volatility.
In an interview with a media outlet on March 18, Kubicek stated that while the bank is evaluating various asset classes, he remains “sceptical” about the viability of the flagship cryptocurrency.
The central banker highlighted Bitcoin’s significant price fluctuations, which he argues diminish its desirability as an asset for central banks.
“We will evaluate diverse asset classes. Bitcoin is merely one” of numerous options the bank is considering, remarked Kubicek.
Regarding the current legal framework for cryptocurrencies in the Czech Republic, he noted that holding Bitcoin would necessitate new procedures in accounting and auditing practices.
“We cannot guarantee that Bitcoin’s volatility in the forthcoming years will reflect the trends observed over the last decade, as I suspect that with increased acceptance by institutional investors, its behavior may shift from what we have witnessed previously.”
Jan Kubicek
As per Kubicek, the central bank’s analysis on broadening asset classes could wrap up by October.
He also mentioned potential investments in international corporate bonds, equity indices such as tech stocks, and property investment funds as alternative options for the institution.
The idea of incorporating Bitcoin into the bank’s reserves was first proposed by Governor Ales Michl in late January 2025, generating interest within the crypto community but skepticism from government officials.
For instance, European Central Bank President Christine Lagarde expressed reservations, asserting that “reserves must be liquid, secure, and safe.”
Nonetheless, several countries have recently integrated Bitcoin into their national strategic reserves, including the United States, which has adopted a more proactive approach toward cryptocurrency under the new administration.