Ukraine Working on Bitcoin Reserve Bill With Central Bankers

Highlights

The National Bank of Ukraine will oversee decisions on managing the Bitcoin reserve.
The initiative is seen as a step toward financial innovation and macroeconomic stability.
Policymakers highlighting Bitcoin's potential to bolster the digital economy amid global economic uncertainties.

In a major development, Ukraine recently introduced a new bill aiming to establish a Strategic Bitcoin Reserve, marking a significant step toward integrating cryptocurrency into national financial policies. The war-laden country joins the ranks of the US, Pakistan, and others in building their own strategic BTC reserves. The Ukrainian policymakers are currently in discussions with central bankers on overseeing all aspects of the reserves.

Ukraine Central Bank to Oversee the Country’s Bitcoin Reserves

Ukrainian lawmakers have recently introduced draft law no. 13356 in the Ukranian parliament Verkhovna Rada, which will allow the central bank to hold Bitcoin and crypto reserves, along with gold, as part of the country’s foreign exchange reserves.

People’s Deputy Yaroslav Zheleznyak, First Deputy Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, made this announcement of Bitcoin reserves on his Telegram channel. Zheleznyak wrote:

“Ukraine may have its own crypto reserve. Such an initiative has been registered. According to the bill, we give the National Bank the right to include virtual assets in the reserves of Ukraine. At the same time, the decision on how, when and how much should be made by the regulator itself. That is, we do not oblige and leave it to their professional choice”.

The lawmaker further added that this is a step forward in bringing Ukraine closer to global finance innovation. Furthermore, amid the ongoing global macroeconomic instability, having BTC reserves could prove to be fruitful as the USD loses its strength.

“Proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy,” added Zheleznyak.

Ukraine Eyeing A Share in Global Crypto Market

While US President Donald Trump is working on America’s crypto domination, Ukraine is also eyeing for a share in the global crypto market. “The idea is not new: the US is already forming a strategic crypto reserve and many initiatives at the level of individual states, El Salvador, China used BTC to attract $20 billion,” said Zheleznyak.

Following the pro-government in America, other countries also feel confident about building their own crypto reserves. Two weeks before, Pakistan unveiled its Bitcoin reserve plans as the country navigates through major economic woes.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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