Central banks are reconsidering investments in digital assets within a timeframe of 5 to 10 years.
In a recent survey conducted by Central Banking, only 11.6% of central banks view cryptocurrencies as becoming a more credible investment, while 23% were unsure about considering bitcoin an appropriate investment class. A significant number (33, or 39.3%) of central banks were unsure about the idea of a bitcoin strategic reserve.
Since the January 202x survey, there has been no direct evidence that central banks have officially changed their stance specifically on investing in cryptocurrencies. However, several significant regulatory and policy developments around digital assets and stablecoins have occurred in 2025, particularly in the United States.
The U.S. Trump administration enacted major legislation such as the GENIUS Act, which created the first federal regulatory framework for stablecoins, requiring issuers to hold reserves backing 100% of stablecoins in circulation. This signals a move toward safer, more regulated digital asset markets.
The CLARITY Act shifted jurisdiction over digital assets from the SEC to the Commodity Futures Trading Commission, establishing clearer rules for crypto exchanges, brokers, and dealers. Additionally, the CBDC Anti-Surveillance State Act prohibits the Federal Reserve from issuing a central bank digital currency without congressional approval, indicating caution around CBDCs.
In a notable move, the Trump administration launched a strategic bitcoin reserve in March 2025, justified partly as a hedge against dollar weakening. This represents one of the clearest signals from a government authority at a central bank-level or national policy level relating to holding crypto assets for strategic purposes.
Globally, countries like Russia, Iran, Venezuela, China, and others are experimenting with digital currencies or CBDCs to counter sanctions or facilitate international payments, suggesting central banks in some nations are increasingly engaging with digital currencies either directly or through digital currency projects.
Despite these developments, central banks generally remain cautious, emphasizing regulation, compliance, and the need for legislative approval before adopting CBDCs or direct crypto holdings. No central banks currently consider bitcoin an appropriate investment class, and only one central bank was supportive of a bitcoin strategic reserve.
The survey was conducted in January and February, before Trump's March executive order regarding the creation of a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. Just one central bank was supportive of a bitcoin strategic reserve, while 50 (59.5%) central banks were against the idea.
Last year, 15.9% of central bank respondents considered investing in digital assets or currencies within five to ten years. None of the central bankers plan to reduce their gold exposure, and 27 out of 72 (37.5%) central bankers plan to increase their gold positions in the coming year.
US protectionist policies were cited by survey respondents as the single biggest risk, and the risk of US protectionist policies might have transpired sooner and larger than anticipated.
In summary, while many central banks remain cautious, at least some governments and central bank-related authorities (notably the US Federal Reserve via policy mechanisms and reserve strategies) are becoming more actively engaged with cryptocurrency and digital assets. No explicit survey-level direct "stance change" by central banks is documented, but the overall regulatory environment and some strategic moves indicate growing institutional acceptance and regulatory frameworks that impact central banks.
- The U.S. Federal Reserve's creation of a strategic bitcoin reserve in March 2025 signifies a significant move towards the engagement of technology in finance, as digital assets are being utilized for strategic purposes by a government authority.
- The CLARITY Act, enacted in 2025, transferred jurisdiction over digital assets from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), suggesting a shift in insights and policy decisions related to the banking and business sectors.
- Central banks globally are experimenting with digital currencies or CBDCs, such as the efforts by Russia, China, and others, indicating a potential future trend in the intersection of finance, technology, and business. However, regulatory compliance and legislative approval remain the key considerations before adopting CBDCs or direct crypto holdings.
