The Governor of the Czech National Bank, Aleš Michl, discussed the potential use of Bitcoin as a reserve diversification tool, emphasizing the collective nature of decision-making.
Governor's Stance on Bitcoin
Aleš Michl, the Governor of the Czech National Bank, recently expressed interest in using Bitcoin as part of the bank's asset diversification strategy. Although there are currently no definitive plans to invest in cryptocurrency, Michl stressed that all decisions are made collectively with the other six board members. He stated, “While I considered the acquisition of a small amount of BTC, it was never intended to be a major investment.”
Global Interest in Cryptocurrencies
The Czech Republic is not alone in exploring cryptocurrencies as part of a broader financial strategy. For example, El Salvador launched its official BTC treasury program in September 2021. Politicians and officials worldwide, including in the United States, increasingly view Bitcoin as a strategic asset.
New Tax Laws in the Czech Republic
Starting January 1, the Czech Republic introduces a capital gains tax exemption for long-term Bitcoin holdings. This legislative move exempts individuals from taxes on Bitcoin held for more than three years if their gross annual income from cryptocurrency transactions does not exceed CZK 100,000, and assets have not been part of business operations for at least three years after self-employment ends. Prime Minister Petr Fiala supported the new law, highlighting its importance for innovation and technology development.
The Czech National Bank continues to explore new avenues for asset management, balancing traditional investments with modern approaches like cryptocurrencies. New tax incentives are designed to provide more favorable conditions for long-term investments in digital assets.
