Ukrainian MPs have submitted a measure in parliament to allow the National Bank of Ukraine (NBU) to add Bitcoin and other cryptocurrencies to the nation’s official reserves. With this legislative effort, Ukraine joins an increasing number of countries investigating digital assets as strategic economic instruments.
The Verkhovna Rada received Bill number 13356 on June 10th. It suggests changes to the statute “On the National Bank of Ukraine.” The NBU would be empowered to purchase and keep cryptocurrencies, particularly Bitcoin. In addition, conventional reserve assets, such as gold and foreign currencies, would be affected if the law were to be passed.
Yaroslav Zhelezniak, first deputy head of the Committee on Finance, Tax, and Customs Policy and the bill’s leading proponent, called the action a step toward “integrating Ukraine into global financial innovations.”
According to him, “Sufficient management of cryptocurrency reserves will increase macroeconomic stability and open up new avenues for the growth of the digital economy.”
The Bitcoin and NBU Fit
It is important to note that the bill does not require the NBU to own cryptocurrency. Instead, it gives the central bank complete control over whether, when, and how much money is invested in cryptocurrency assets. This adaptability is considered essential since it frees the NBU from strict regulations. It also enables it to respond to shifting global trends and economic conditions.
The bill’s proponents contend that adding digital assets to national reserves could:
- Enhance Macroeconomic Stability: By diversifying reserve assets, the nation can better protect itself from international financial shocks.
- Encourage Digital Innovation: Ukraine’s developing digital economy may thrive as a result of the official acknowledgment of cryptocurrency assets.
- Align with Global Trends: Ukraine would join nations that are investigating or implementing comparable policies, such as Pakistan, El Salvador, and Switzerland.
This bill represents a significant step toward state-level adoption and control of digital assets, despite the fact that Ukraine is believed to possess approximately 46,000 Bitcoins, primarily held by authorities and civil servants.
The Way Forward
The measure is introduced amid ongoing discussions on Ukraine’s cryptocurrency regulations. A comparable draft law on virtual assets was unanimously approved by the Committee on Finance, Tax, and Customs Policy earlier this year.
However, the proposal was delayed and received recommendations for further revisions from the National Commission on Securities and Stock Market, as well as the Office of the President.
Lawmakers and regulators talked about the advantages and disadvantages of incorporating cryptocurrency into the country’s financial system at the recent Incrypted Conference in Kyiv. Although modernization is widely supported, issues with risk management, regulatory clarity, and adherence to global best practices persist.
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