Crypto asset reserve bill lands in Ukraine’s parliament

Ukrainian lawmakers have registered a draft bill (number 13356) in the Verkhovna Rada that would officially allow the National Bank of Ukraine to include cryptocurrency assets, such as Bitcoin, as part of the country's state reserves.

This bill amends the law "On the National Bank of Ukraine" to permit the inclusion of crypto assets alongside gold and foreign exchange reserves. However, the bill does not mandate the National Bank to allocate crypto assets; the decision on how, when, and how much to allocate is left entirely to the regulator's discretion.

The initiative aims to strengthen Ukraine's macroeconomic stability and foster the development of the digital economy by integrating the country into global financial innovations. Ukrainian MP Yaroslav Zhelezniak, who confirmed the bill's introduction, emphasized that proper management of crypto reserves could create new opportunities for economic growth.

The proposal has been discussed in collaboration with Binance's regional head for Central and Eastern Europe and Central Asia, Kirill Khomyakov, highlighting support from major crypto firms.

This move aligns Ukraine with other countries that have established or are exploring strategic cryptocurrency reserves, including the United States, El Salvador, Switzerland, and Brazil. Ukraine is already one of the world's largest sovereign Bitcoin holders, with government-controlled wallets holding approximately 46,351 BTC, valued at around $4.8 billion. Much of these holdings come from donations, crypto fundraisers, and seizures related to corruption cases.

Overall, the bill represents a significant step in Ukraine's evolving approach to cryptocurrency regulation and adoption, signaling a major shift toward formalizing digital asset management within the country's financial system.

It's me, @justmythoughts, an ordinary Hive user looking to make the most of the platform. I will appreciate your support. Follow me for more. Thanks, Gracias :)