The board of the Czech National Bank (CNB) approved a proposal on Jan. 30 to analyze the options for investing in additional asset classes, including bitcoin.

This move, suggested by CNB governor Aleš Michl, is part of a strategy to diversify its reserve portfolio.

Any decisions on future investments will depend on the outcome of this analysis, with no immediate changes to the reserve portfolio.

The CNB also said that any future investments will be reported in the bank’s quarterly and annual publications.

If approved, the Czech Republic may become the first country to include bitcoin in a central bank’s reserves.

Separately, European Central Bank president Christine Lagarde expressed doubts about bitcoin as a viable option for central bank reserves, citing concerns over liquidity and security.