Ukraine is taking a bold step toward digital innovation with a newly proposed bill that could allow the National Bank of Ukraine (NBU) to include cryptocurrencies like Bitcoin in the country’s state reserves. This legislation, introduced in parliament on Tuesday, aims to amend existing banking laws to officially recognize crypto assets alongside traditional reserves such as gold and foreign currencies.
Bill Gives Central Bank the Option to Hold Crypto
The proposal does not mandate that the NBU must hold cryptocurrencies, but rather grants it the authority to decide if and when to allocate part of its reserves to digital assets. Ukrainian Member of Parliament Yaroslav Zhelezniak, who confirmed the news, emphasized that the central bank would retain full discretion over any investment decisions regarding cryptocurrencies.
Zhelezniak highlighted that the move is about empowering the central bank, not imposing a requirement. This flexibility ensures that any decision to hold digital currencies like Bitcoin would be made based on sound economic strategy and market conditions.
Supporters See Strategic and Economic Benefits
Proponents of the bill believe this update to Ukraine’s financial framework could help the country align with global financial innovations and improve macroeconomic stability. By legally allowing the inclusion of crypto in its reserves, Ukraine could boost investor confidence and strengthen its digital economy.
Zhelezniak also pointed to examples from other countries that are integrating crypto into their financial systems. He mentioned El Salvador, which has officially adopted Bitcoin as legal tender, as well as the United States and Switzerland, both of which are exploring various forms of crypto adoption at the governmental level.
If passed, the bill could position Ukraine as a forward-thinking nation in the evolving world of digital finance, potentially unlocking new opportunities for economic growth and resilience.
