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.
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.
Zhelezniak discussed the potential state crypto reserve in a video commentary with Binance’s regional head for Central and Eastern European countries and Central Asia, Kyrylo Khomiakov, who helped the lawmakers write the draft bill. Khomiakov’s involvement in the bill-making follows reports suggesting Binance has been advising multiple governments on setting up crypto reserves.
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Additionally, contributors to the bill included Petr Bilyk, head of artificial intelligence practice at the local law firm Juscutum Legal Engineering and a member of Ukraine’s expert committee on AI development.
Crypto asset reserve “has the right to life”
In the video, Zhelezniak emphasized that the introduction of the draft bill does not mean the Ukrainian government is actively campaigning for crypto, but rather does not want to miss out on the growing adoption worldwide.
“This story has the right to life, and, as we see, many countries are implementing it,” the lawmaker said, referring to global governments like the United States and El Salvador increasingly experimenting with state crypto reserves.
The news follows reports on Ukraine nearing the final stages of introducing a draft bill on a state cryptocurrency reserve. The initiative came amid the ongoing Russia-Ukraine war, with nations continuing to work on a potential peace deal.
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