Ukraine Proposes Law for Bitcoin Inclusion in National Reserves
Ukraine Takes a Step Towards Legalizing Bitcoin as a Reserve Asset
Ukraine has taken a significant step towards embracing cryptocurrency as a potential solution to its economic challenges. A bill, submitted to the Verkhovna Rada on June 10, 2025, proposes updates to existing legislation that would allow the National Bank of Ukraine (NBU) to include "virtual assets" such as Bitcoin in its foreign exchange and gold reserves.
The proposal was presented by several members of the Verkhovna Rada, including Yaroslav Zhelezniak, who believes that Bitcoin could help Ukraine strengthen its economic position. Zhelezniak recently discussed the potential benefits of Bitcoin with Binance's regional head, Kyrylo Khomiakov.
Ukraine's economy has been under pressure due to high inflation and a weakened hryvnia. The country's financial situation escalated following Russia's invasion in 2022, and it remains heavily reliant on international aid and loans from the likes of the US Bank. The new bill, if adopted, could position Ukraine as one of the first countries to give its central bank the legal ability to hold Bitcoin as a strategic reserve asset.
However, it's important to note that the bill does not mean Ukraine is officially adding Bitcoin to its balance sheet just yet. It would simply give the NBU the green light to do so in the future. The potential benefits discussed include contributing to long-term digital innovation in Ukraine.
The NBU has managed to hold approximately $44.5 billion in reserves, primarily in US dollars and government securities. Whether and to what extent the central bank will actually hold Bitcoin is up to the institution itself. The bill does not specify a timeline for when the central bank might start holding Bitcoin, if at all.
In 2022, Ukraine actively raised donations for the war effort through Bitcoin. On the first day, Ukraine's official Bitcoin wallet raised over $3.5 million. This demonstrates the potential for Bitcoin to play a role in Ukraine's economy, particularly in times of crisis.
Yaroslav Zhelezniak is optimistic about the potential of Bitcoin, stating that it could help Ukraine strengthen its economic position. The next steps will depend on the Verkhovna Rada's decision on the bill and the NBU's willingness to adopt this new asset class.
In the meantime, Ukraine continues to navigate its economic challenges, seeking innovative solutions to stabilize its economy and secure its future. The Bitcoin price has been volatile, but its potential as a reserve asset is being explored by countries like Ukraine.
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