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Lawmakers Propose Crypto Reserve Bill
In a significant move toward embracing digital financial innovation, Ukrainian lawmakers have introduced a draft bill that would allow the National Bank of Ukraine (NBU) to hold cryptocurrencies, including Bitcoin, as part of the country’s official reserves. Known as bill number 13356, this legislative proposal was submitted to Ukraine’s parliament, the Verkhovna Rada, and suggests amending the current law “On the National Bank of Ukraine.”
The bill, while groundbreaking in its implications, stops short of mandating any direct action. Instead, it provides the NBU with the authority — but not the obligation — to purchase and manage crypto assets. The initiative comes as nations around the world explore ways to integrate digital currencies into their financial systems, and Ukraine appears poised to keep pace with these developments.
This legislative proposal, if passed, would place crypto assets like Bitcoin in the same category as gold and foreign currency reserves, potentially transforming Ukraine’s economic strategy in the long term.
Crypto for Macroeconomic Stability
Yaroslav Zhelezniak, the member of parliament who confirmed the introduction of the bill on his Telegram channel, emphasized that the decision to acquire, allocate, or manage these reserves would remain entirely at the discretion of the central bank.
“How, when, and how much should be the decision of the regulator itself,” he stated,
underlining that the bill does not impose obligations but rather opens the door to possibilities.
The move is not just symbolic. According to Zhelezniak, the ability to manage crypto reserves could bolster Ukraine’s macroeconomic stability. By diversifying reserves and tapping into digital assets, the country could unlock new opportunities in digital finance and demonstrate its readiness to adapt to global financial innovations.
Zhelezniak further noted that the establishment of a crypto reserve would help Ukraine integrate into the evolving global financial system, which increasingly includes decentralized and blockchain-based assets.
Binance’s Involvement and Expert Contributions
The bill’s development included contributions from several notable individuals and organizations. Among them is Kyrylo Khomiakov, Binance’s regional head for Central and Eastern Europe and Central Asia. Khomiakov has reportedly been advising multiple governments on the implementation of state-backed crypto reserves and played an instrumental role in drafting this legislation.
In a video commentary alongside Zhelezniak, Khomiakov discussed the broader implications of the bill and how it could shape Ukraine’s digital economic landscape. Their conversation underscored the non-mandatory nature of the bill — reinforcing the fact that this move is about creating potential, not imposing policy.
Additional contributors include Petr Bilyk, head of the AI practice at Juscutum Legal Engineering and a member of Ukraine’s expert committee on AI development. His involvement signals the intersection of artificial intelligence, legal frameworks, and blockchain — an emerging synergy in digital transformation.
Crypto Reserve Gains Global Support
Zhelezniak also made it clear that Ukraine is not alone in this pursuit. He referenced countries like the United States and El Salvador that have either explored or adopted crypto reserves at a national level. El Salvador famously became the first country to adopt Bitcoin as legal tender and actively includes BTC in its state reserves. Meanwhile, the U.S. has seen growing interest in Bitcoin from institutional players and political advocates like Donald Trump.
“This story has the right to life,” Zhelezniak said,
emphasizing that Ukraine is watching the global trend and does not want to be left behind. His words reflect a practical and forward-thinking mindset — Ukraine is not taking an ideological stance on cryptocurrency, but rather viewing it as a strategic opportunity.
This cautious but progressive approach may prove beneficial, especially in the context of the ongoing Russia-Ukraine conflict. In times of economic uncertainty, financial innovation can provide new tools for stability, funding, and resilience.
Strategic Timing Amid Conflict
The introduction of the crypto reserve bill comes at a sensitive time for Ukraine. As the war with Russia continues, the country faces mounting pressure to stabilize its economy, attract foreign support, and innovate within constraints. Digital assets could offer an avenue for international collaboration, secure funding, and enhanced sovereignty over financial tools.
Furthermore, cryptocurrencies have played a role in supporting Ukraine’s wartime efforts. Millions in crypto donations have flowed into the country since the start of the war, with decentralized finance enabling faster and borderless support. Institutionalizing this engagement through formal reserve policies could solidify the strategic value of crypto in Ukraine’s national development.
Looking Ahead: A Digital Finance Future
If passed, this bill could mark a turning point in Ukraine’s financial evolution. Allowing the NBU to manage a portion of its reserves in crypto sends a strong message: Ukraine is ready to modernize its financial infrastructure and explore the possibilities of blockchain technology.
While there are risks — including volatility, cybersecurity, and regulatory uncertainty — the proposed framework places control in the hands of the central bank. This ensures flexibility and prudence, allowing Ukraine to adapt its strategy as needed while laying the groundwork for a digital economy.
In a world where financial innovation is accelerating rapidly, Ukraine’s initiative could serve as a model for other nations navigating the intersection of traditional finance and digital assets.
Conclusion
Ukraine’s crypto reserve bill represents a strategic and forward-thinking approach to modern finance. By authorizing, but not mandating, the use of crypto assets like Bitcoin in national reserves, the country is keeping its options open while aligning with global trends. With expert contributions and measured policymaking, Ukraine may soon position itself as a digital finance leader in Eastern Europe.
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