The Czech National Bank (CNB) governor proposed the idea of investing in Bitcoin, to diversify the bank’s portfolio.
Czech National Bank (CNB) is the central bank of the Czech Republic, a landlocked country located in Central Europe. The central bank of this country plays a vital role in the country’s monetary and financial system, such as Monetary Policy, Currency Issuance, Financial Supervision, Foreign Reserves and Exchange Rates, Economic Research and Data Collection.
On 7 Jan 2025, Aleš Michl, governor of the Czech National Bank (CNB), said that he was planning to adopt Bitcoin as an investment asset to diversify the national bank’s portfolio.
The central bank governor noted that other countries’ interest in Bitcoin is continuously increasing & this is a reason why this technology-focused asset should be part of the country’s foreign exchange reserves.
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Here, we need to know that the Bank’s board is composed of seven members & the majority of them would need to support this decision to adopt the Bitcoin investment plan.
Janis Aliapulios, an adviser to the board, clarified in a statement with a popular crypto news website Cointelegraph, that the central bank doesn’t have any plan to consider investing in Bitcoin.
The central bank official also confirmed that Governor Michl did not rule out further future debate on this topic, which is a hint that the whole discussion is going in a cool bag.
For now, the central bank has a strong plan to increase gold reserves by 5% of the total amount of holding reserves by 2028.
Czech Republic’s Crypto Population & GDP
As per the latest data, the total population of this country is 10,736,116, and for the entire year of 2024, the GDP is projected to be around $342.99 billion, which is also impressive.
According to data findings, nearly 12% of citizens of this country invest in cryptocurrencies, which means 1.28 million individuals are involved in cryptocurrency investments.
Over the last year, the crypto adoption rate surged in this country as new crypto-dedicated rules were implemented by the regulatory bodies, which prohibit the misuse of cryptocurrencies & provide a friendly environment for investors.
Recently the Income Tax authority introduced a new Act to provide tax exemptions for long-term crypto investors. As per the new Act, If an individual holds a crypto asset for more than 3 years, the income from its sale is tax-free up to a limit of $1.8 million.
Czech Republic Country’s Central Bank governor considering Bitcoin Investment
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