The likelihood of a European central bank holding Bitcoin reserves has increased, despite European Central Bank President Christine Lagarde’s recent comments dismissing the asset as unsuitable.

The Czech National Bank has approved a study to assess how Bitcoin (BTC) might serve as a reserve asset following a proposal from CNB Governor Aleš Michl. 

Previously, Michl argued hat the bank should diversify its investment portfolio and consider allocating funds to alternative asset classes, including Bitcoin. His proposal suggested allocating of the CNB’s €140 billion ($145.6 billion) in reserves to BTC. “Based on the results of the analysis, the Bank Board will then decide how to proceed further,” the CNB stated in a Jan. 30 announcement after approving Michl’s study.

While Michl’s idea has gained traction within the CNB, Europe’s top banking official remains unconvinced. Coinciding with the CNB’s decision, ECB President Christine Lagarde stated she is “confident” that no EU central bank will adopt Bitcoin as a reserve asset.

Notably, while the Czech Republic is an EU member, it does not use the euro as its official currency.

The concept of national and institutional Bitcoin reserves is gaining momentum both within Europe and beyond. In the U.S., President Trump and several senators have worked on legislation aimed at establishing a strategic BTC reserve.

U.S. States also joined the race, as nearly a dozen jurisdictions introduced laws to buy BTC with taxpayer dollars.