The trend of Bitcoin reserves is spreading within the EU region—multiple countries are considering following the lead of the Czech Republic's pioneering experiment.

A new wave of currency strategy movements is accelerating in Europe. Following the Bitcoin experiment launched by the Czech Republic last year, five countries—Hungary, Poland, Romania, Sweden, and Bulgaria—have begun to consider similar initiatives. Coinbase analysts are closely monitoring this trend.

Insights from the Czech $1 Million Experiment

The Czech National Bank’s experiment started in October 2025. Its key feature is holding Bitcoin as an external reserve asset, which cleverly exempts it from direct regulation by the European Central Bank (ECB). This approach allows for practical testing of digital assets while circumventing the strict Eurozone regulations set forth in the ESCB guidelines.

Why are other countries interested?

The background lies in the current framework of the ECB. The ECB does not recognize Bitcoin as official reserve assets and imposes even stricter regulations on financial institutions within the Eurozone. Conversely, non-EU member states and countries not adopting the euro retain relative freedom.

The Czech model demonstrates how to leverage regulatory gaps. As a result, neighboring countries seeking more autonomous monetary policies are increasingly interested in participating in similar experiments.

The impact of cryptocurrency regulations

EU-wide frameworks like MiCA (Markets in Crypto-Assets Regulation) and anti-terrorism financing measures directly influence how member states manage digital assets. Movements by countries including Czechia symbolize their efforts to explore independent currency strategies within this regulatory environment.

Moving forward, the extent to which these five countries will concretely develop their plans depends on negotiations with regulatory authorities and the practical viability of Bitcoin. The Czech example provides valuable reference data for other nations.