Ukraine Proposes Bill to Let Central Bank manage Crypto Reserves

Ukraine Eyes Future in Digital Finance: Draft Bill Opens Door to Crypto Reserves Amid Ongoing Conflict

In a bold move that reflects Ukraine’s growing interest in the global digital economy, lawmakers have submitted a draft bill to the Verkhovna Rada (Ukraine's parliament) that could allow the National Bank of Ukraine (NBU) to include cryptocurrencies such as Bitcoin in its national reserves. While the bill does not mandate any immediate crypto purchases, it grants the central bank the authority to decide whether, when, and how much digital currency should be held in the nation's official financial reserves.

This proposed legislation marks a significant shift in Ukraine’s approach to digital assets. As nations around the world grapple with the rapid rise of cryptocurrencies, Ukraine’s lawmakers are signaling that they intend to remain competitive in this rapidly evolving financial landscape—without rushing into risky territory.

A Cautious Yet Forward-Looking Step

Lawmaker Yaroslav Zhelezniak, a key figure behind the bill, clarified that the purpose of the legislation is not to aggressively promote the use of cryptocurrencies in national finance but to prepare Ukraine for future scenarios. “We are not pushing the National Bank to buy crypto. We are just ensuring that Ukraine doesn't fall behind while others explore these new financial opportunities,” Zhelezniak said in a public statement.

Currently, the National Bank of Ukraine’s reserve assets consist primarily of traditional instruments—foreign currencies, special drawing rights (SDRs), and gold. The proposed legislation would amend the NBU’s governing laws to allow digital assets like Bitcoin to be added to this list. But the decision would rest solely with the central bank, ensuring that any potential integration is handled with appropriate caution and due diligence.

“This idea deserves attention,” Zhelezniak said during a video commentary. “Many countries, like El Salvador and the United States, are moving in this direction. We need to understand how to position ourselves in the evolving world of finance.”

Expert-Driven Policy

The draft bill is the result of collaboration between several experts in the cryptocurrency and legal fields. Among the key contributors was Kyryl Khomiakov, Binance's regional head for Central and Eastern Europe and Central Asia, who has previously advised governments on cryptocurrency-related initiatives. Legal expert Petr Bilyk, who serves on Ukraine’s Artificial Intelligence Committee, also played a vital role in shaping the bill.

Their involvement underscores Ukraine’s intention to create a policy that is not only forward-thinking but also technically sound and globally aligned.

“This is about future-proofing our financial policy,” Zhelezniak noted. “It’s about having the option to act, not the obligation. In times of economic instability, we need flexibility and new instruments.”

National Crypto Reserve: A Tool for Stability?

As Ukraine continues to face significant economic challenges due to the ongoing conflict with Russia, the draft bill has reignited conversations about the country’s financial resilience and long-term recovery strategy. Supporters of the legislation argue that including digital currencies in national reserves could open up new pathways for economic stability.

According to Zhelezniak, allowing the National Bank to hold crypto assets would support the country's digital economy and provide an additional tool for navigating uncertainty. “The economy should become more stable and create new digital opportunities,” he tweeted, emphasizing the potential benefits for innovation and tech-driven growth.

The Global Trend Toward Digital Reserves

Globally, governments and central banks are paying closer attention to digital assets. El Salvador famously adopted Bitcoin as legal tender and has integrated it into national finances. Meanwhile, the United States, through its regulatory bodies, is exploring frameworks for integrating cryptocurrencies into its economic system—though cautiously and with many safeguards.

Ukraine’s proposal aligns with this broader movement. While not as radical as El Salvador’s approach, the Ukrainian draft bill demonstrates the country’s interest in positioning itself within the modern financial infrastructure that increasingly includes blockchain and digital currencies.

“We’re not saying this is the solution to every problem,” said Zhelezniak. “But ignoring these global trends would be a mistake. We have to be ready.”

How the Bill Works

If passed, the legislation would amend existing laws governing the NBU, giving it discretion—not obligation—to manage crypto reserves. This means the bank could choose to purchase and hold cryptocurrencies as part of its broader reserve strategy, much like it does with gold or USD.

However, decisions regarding timing, volume, and types of cryptocurrencies would be entirely up to the central bank. There would be no political pressure to invest in digital assets, but the legal infrastructure would be in place if the NBU deems it strategically beneficial.

The legislation also emphasizes international cooperation. Zhelezniak hinted at the importance of alignment with global financial institutions like the International Monetary Fund (IMF), noting that the NBU has established strong communication channels with such organizations.

“I think the National Bank will win this fight. They communicate better with the IMF, but we wish all participants good luck,” he remarked, hinting at potential resistance from traditional economic actors.

Not a Push, Just an Option

Ukraine’s government has been quick to stress that the legislation is not an endorsement of cryptocurrency as a replacement for fiat or a primary financial tool. Instead, it’s about keeping policy options open in a dynamic global environment.

“This is not a promotional campaign,” Zhelezniak emphasized. “This is about awareness, readiness, and not falling behind. Countries that adapt and evolve will be the ones leading tomorrow’s economy.”

The bill also reflects a strategic mindset in Ukrainian politics, which increasingly sees digital innovation as a pillar of national strength. From digital IDs to online government services, Ukraine has embraced tech solutions in various sectors. Including cryptocurrencies in financial planning is a natural extension of that trajectory.

The Road Ahead

The bill now awaits deliberation in the Verkhovna Rada. If passed, it would be a landmark development for Ukraine’s financial policy and its relationship with the global digital economy.

Although the central bank is not expected to immediately act on the new authority, the legal groundwork will be in place to support such decisions in the future—particularly in response to shifts in international finance or domestic economic conditions.

This legislative initiative offers a clear message: Ukraine wants to be part of the global conversation about financial innovation, and it's willing to take measured, expert-informed steps to secure that future.

In a time of conflict and economic instability, Ukraine is not only seeking resilience but also evolution. The adoption of crypto reserves may not be immediate, but the vision is unmistakable.

Writer @Erlin

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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