Czech Finance Minister Opposes Bitcoin Reserve Proposal

The Czech Republic is gearing up to adopt a Bitcoin reserve. However, Czech Finance Minister Zbynek Stanjura has expressed concerns over the country's Bitcoin strategy.

The Czech Republic is considering adopting a Bitcoin reserve, but the country’s Finance Minister has expressed reservations about the strategy.

The move could set back the country’s BTC plans as it looks to get ahead of other nations, including the United States.

Czech Finance Minister Opposes Bitcoin Reserve Proposal

Responding to the recent Bitcoin proposal by Czech National Bank (CNB) Governor Aleš Michl, Finance Minister Zbynek Stanjura raised concerns over the instability and volatility of BTC.

According to a Bloomberg report, Stanjura said that Bitcoin, given its highly volatile nature, is not suitable to be a national reserve. He also added that the government does not have the authority to overrule the monetary authority’s decisions.

Highlighting the unstable nature of Bitcoin and other cryptocurrencies, the Finance Minister said:

“I personally have misgivings about it. The central bank should symbolize stability. If you look at bitcoin trading, it’s definitely not a stable asset.”

Plans To Adopt A Bitcoin Strategy

Earlier, CNB Governor Aleš Michl unveiled the country’s plan to introduce a BTC reserve.

Hailing the BTC strategy as a “game-changer,” Michl said that the national bank is planning to allocate at least 5% of its total €140bn reserves in BTC.

Referring to the crypto policies and Bitcoin reserve plans of former US President Donald Trump, Michl said:

“For the diversification of our assets, Bitcoin seems good. Those [Trump] guys can now kind of create some bubble for Bitcoin, but I think the trend would be an increase without those guys as well, because it’s an alternative [investment] for more people.”

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