- Ukraine introduces a draft law allowing Bitcoin in national reserves.
- Central bank would have discretion to hold, sell or use crypto.
- Move could support macroeconomic resilience amid wartime stress.
Ukraine is considering legislation that would allow its central bank to include Bitcoin and other digital assets in its national reserves.
On 10 June, lawmakers submitted bill 13356 to the Verkhovna Rada, Ukraine’s Parliament, proposing updates to existing legislation to allow virtual assets to be added to the types of assets held by the National Bank of Ukraine (NBU).
The bill does not mandate any purchase of digital assets, Instead, it grants the NBU the legal authority to acquire, hold, sell, and use cryptocurrencies at its discretion. Member of Parliament Yaroslav Zhelezniak, a key co-sponsor of the bill said, “whether and to what extent they actually do so is up to the institution itself”.
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Ukraine Joins Growing Trend
Zhelezniak elaborated on the bill during a YouTube discussion with Binance’s Kyrylo Khomiakov and discussed the global trend of central banks exploring crypto reserves, citing examples such as the US, Bhutan, Singapore, and El Salvador.
NBU currently holds approximately US$44.5 billion (AU$68.6 billion) in reserves, primarily in US dollars and government securities. While the draft bill does not indicate imminent changes in reserve composition, it lays the groundwork for future diversification amid ongoing economic challenges caused by Russia’s 2022 invasion.
Proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy.
Yaroslav Zhelezniak, Ukrainian Member of Parliament. The introduction of this bill comes as Ukraine continues to navigate wartime economic instability, with high inflation and a heavy reliance on international loans. Though the bill’s passage and implementation remain uncertain, it represents a potential shift in how the country approaches financial resilience and innovation.
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