First DLT bond tests cover trading, interest and repo transactions
Czech National Bank (CNB) Governor Aleš Michl said the bank successfully tested bond trading, interest payments and repo transactions using distributed ledger technology. He presented the results at CzechCrunch Money Maker in Prague.
CZK 10,000 on the ledger
The CNB issued its first test DLT bonds, each with a nominal value of CZK 10,000. Purchases, sales, interest payments and repo lending against the bonds as collateral worked, Michl said.
Transactions used the DLT platform operated by the Prague Stock Exchange's Central Securities Depository, with Česká spořitelna as counterparty.
Michl announced the results on November 10, 2026, alongside a press release.
The CNB Lab project follows a digital test portfolio introduced a year earlier comprising bitcoin, a USD stablecoin and a tokenised deposit.
Michl linked the experiments to long-term preparations for the koruna's digital future while reaffirming strict anti-inflationary policy, low inflation and a strong currency.
Assets need faster settlement
Michl said the koruna needs both a functioning asset market and high-quality domestic settlement infrastructure: the factors multiply rather than add.
Instant payments replaced transfers taking up to two days.
DLT uses a shared record, automatic bond rules and 24/7 settlement, without miners and with records visible only to counterparties.
He wants central bank money, not stablecoins, at its core, and koruna assets easier to trade than German Bunds.
Cash remains an offline backup.
He cited a model presented at the 2026 Jackson Hole conference.
A test, not the destination
Michl described the bond as a small, nonzero contribution to the koruna's digital future, not a completed transformation.
His vision includes AI agents collecting salaries, negotiating mortgages and moving savings among three banks overnight.
He said machines could eventually account for 95 percent of the koruna market.