Jan Kucicek, a member of the Czech National Bank (CNB), has expressed skepticism regarding the potential inclusion of Bitcoin, the leading cryptocurrency, in the country's reserves, according to a Wednesday report by Reuters.
Kucicek is concerned about Bitcoin's legal status and the cryptocurrency's volatility.
As reported by U.Today, Ales Michl, the governor of the CNB, put forward a proposal to diversify the country's reserves with the leading cryptocurrency. His proposal stipulates that Bitcoin could constitute up to 5% of the bank's total reserves.
In late January, the board of the central bank voted in favor of assessing the proposal that could potentially result in the Czech Republic buying billions worth of the top cryptocurrency.
Last month, Michl took to the X social media platform to explain that his Bitcoin proposal was motivated by his desire to try out the "highly risky social media asset." He also stressed the necessity of changing financial market conditions.
Alex DovbnyaThe total CNB reserves currently stand at $148.7 billion, with securities accounting for the vast majority of them.
It is worth noting that Christine Lagarde, the president of the European Central Bank (ECB), has an aggressively anti-crypto stance. In late January, she expressed confidence that the banks that are part of the General Council would not touch Bitcoin.
Dan BurginAfter the U.S. officially established a cryptocurrency reserve earlier this month, other major economies are not rushing to follow suit. As reported by U.Today, the Bank of Korea recently rejected the idea of diversifying its reserves with the largest cryptocurrency.
Vladislav Sopov
Dan Burgin