Ukraine Lawmakers Introduce Bill On Crypto Asset Reserve

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Ukrainian lawmakers have introduced a draft bill that would allow the National Bank of Ukraine (NBU) to include cryptocurrencies like Bitcoin in the country’s reserves.

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 inclusion of crypto assets alongside gold and foreign currencies.

Ukrainian lawmakers introduced a draft bill on crypto asset reserves on Tuesday. Source: Verkhovna Rada

While authorizing the central bank to acquire cryptocurrencies like Bitcoin (BTC) as part of state reserves, the bill would not require the authority to do so, according to Yaroslav Zhelezniak, a member of parliament who confirmed the introduction of the bill on his Telegram channel.

The central bank would retain full discretion over whether to allocate any portion of its reserves to crypto, how much to allocate and when to do so.

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

Crypto reserves to strengthen macroeconomic stability

Although leaving the final decision to the NBU, the lawmakers support the creation of a potential state crypto asset reserve as a step that will integrate the country into global financial innovations, Zhelezniak said.

“Proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy,” he wrote in a statement on Telegram.

Additionally, the lawmaker discussed the possibility of establishing a state crypto reserve in a video commentary with Binance’s regional head for Central and Eastern European countries and Central Asia, Kirill Khomyakov.

In the video, Zhelezniak mentioned the increasing number of global jurisdictions pushing strategic reserves, including countries like the United States, El Salvador, Switzerland, Brazil and others.

This is a developing story, and further information will be added as it becomes available.

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