Ukraine Lawmakers Introduce Historic Bill For Establishment Of Crypto Asset Reserve

Eight Ukrainian lawmakers submitted a draft bill that would authorize the country’s National Bank to add cryptocurrencies like Bitcoin to the country’s reserve.

Submitted to Ukraine’s parliament, the Verkhovna Rada, on Tuesday, bill number 13356 proposes amendments to the law “On the National Bank of Ukraine” regarding the addition of crypto assets to the traditional reserves, including gold and foreign currencies.

Yaroslav Zheleznyak, who sponsored the bill, serves as first deputy chairman of the Committee on Finance, Tax and Customs Policy. In a post on Telegram, Zheleznyak described the bill as a “step [to] integrate Ukraine into global financial innovations.”

However, he noted that the National Bank of Ukraine (NBU) would retain full control over whether, how much, and when to allocate a portion of its reserves to crypto.

“How, when and how much should be the decision of the regulator itself,” Zhelezniak wrote.

Crypto Reserves To Strengthen Macroeconomic Stability

Zheleznyak clarified that if the bill became law, the policy would not demand the NBU to acquire crypto as part of state reserves; it would only have the option of doing so. Nonetheless, the lawmaker asserted that creating a crypto reserve would integrate Ukraine into global financial innovations.

“Proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy,” he explained.

Ukraine already holds 46,351 BTC, valued at over $5 billion, a figure trailing the holdings of the U.S., China, and the U.K., according to data tracked by BiTBO.  

Global Crypto Reserve Spree

In 2021, El Salvador became the first country in the world to make Bitcoin legal tender and establish a BTC reserve. The Latin American nation has continued accumulating the maiden crypto for its reserve despite efforts by the International Monetary Fund to freeze crypto acquisitions.

In the United States, President Donald Trump earlier this year signed an Executive Order paving the way for a “digital Fort Knox” strategic Bitcoin reserve and a separate Digital Asset stockpile.

Other countries, such as the Czech Republic, Brazil, and Pakistan, have also been moving towards integrating digital currencies into their financial systems. The bill’s passing would put Ukraine on this ever-growing list of nations mulling the future of crypto assets.