Crypto asset reserve bill lands in Ukraine’s parliament

Ukrainian lawmakers have registered a draft bill on a cryptocurrency reserve in the Parliament, officially allowing the National Bank to include crypto in the country’s state reserves.

Submitted to Ukraine’s Verkhovna Rada on June 10, the bill number 13356 represents a set of amendments to the law “On the National Bank of Ukraine” regarding the inclusion of crypto assets in gold and foreign exchange reserves.

While authorizing Ukraine’s central bank to allocate cryptocurrencies like Bitcoin (BTC) as part of state reserves, the bill does not oblige 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 bill also does not limit the National Bank of Ukraine on the amount of crypto assets to be allocated: “How, when and how much should be the decision of the regulator itself,” Zhelezniak noted.

Crypto reserves to strengthen macroeconomic stability

Although leaving the final decision to the National Bank of Ukraine, 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 deputy 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 more.

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

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