The Czech National Bank has issued its first DLT bond. It's the first time in the CNB's own history it has issued bonds in tokenised form. What it did: • Issued koruna-denominated bonds on DLT infrastructure run by the Central Securities Depository • Tested transfers, purchases and sales against payment, and repo • Used a domestic commercial bank as the counterparty • Settled almost instantaneously • Kept test volume in the tens of thousands of koruna, in October and November Why it matters: the CNB says it has verified it can use this infrastructure for monetary policy operations and for managing its international reserves. It now sits in a small group of EU central banks that have successfully tested the technology. Should more central banks issue bonds this way?