The Czech National Bank (CNB) has created a $1 million U.S. test portfolio that includes Bitcoin, a U.S. dollar-backed stablecoin, and a tokenized deposit.

The pilot project is designed to give the Czech central bank practical experience with cryptocurrencies and blockchain-based assets.

The central bank in the Eastern European Czech Republic is the first in the world to buy Bitcoin with a view to adding it to its reserve holdings and balance sheet.

While other central banks have studied cryptocurrencies and mused about developing a Central Bank Digital Currency, none have gone so far as to buy Bitcoin.

The total amount invested in BTC will not be increased, said the central bank, and the acquisition was made outside of the bank's existing international reserves.

Czech National Bank Governor Aleš Michl has talked about investing in Bitcoin for several months, a move that has been met with criticism by the European Central Bank.

While part of the European Union and the European Central Bank, the Czech Republic has not adopted the euro currency, giving its central bank independence from the rest of the continent.

Bitcoin is currently trading at $102,300 U.S. and has risen 10% this year.

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