Ukraine Aims to Create a National Crypto Reserve

The bill proposes allowing the government to hold cryptocurrencies like Bitcoin and Ethereum as part of its official financial reserves.

Ukraine is getting closer to adding cryptocurrency to its national financial reserves, as members of the Verkhovna Rada, the Ukrainian parliament, have proposed a new bill to allow the government to hold and manage Bitcoin (BTC), Ether (ETH), and other major tokens.

Those interested in learning more about cryptocurrency can read Benzinga's coverage here.

What Happened: Members of the Committee on Digital Transformation submitted bill no. 13356, which would introduce the possibility for the state to diversify its reserve assets.

It aims to integrate cryptocurrencies into the official financial reserves structure alongside traditional assets, such as foreign currencies, gold, and special drawing rights (SDRs) held by the International Monetary Fund (IMF).

The bill is a part of broader efforts by the Ukrainian government to strengthen its economic resilience during the ongoing war and to foster greater innovation in the digital sphere.

The legislation proposes placing the management of crypto assets, like BTC and ETH, used by the state in financial reserves under the joint responsibility of the Ministry of Finance and the National Bank of Ukraine.

These institutions would be tasked with acquiring and converting cryptocurrency using international cryptocurrency exchanges and ensuring its storage in secure wallets provided by both domestic and international custodians.

The bill also includes provisions for strict oversight and auditing of cryptocurrency transactions, which would be subject to the same accounting standards applied to other state funds.

It would also mandate monthly reports on the status of cryptocurrency assets in the reserve to be published on the government’s official portal.

Why It's Important: Since the beginning of the Russian invasion in 2022, the Ukrainian government has actively engaged in fundraising efforts through cryptocurrency to support its defense and humanitarian initiatives.

So far, government-aligned fundraising platforms have collectively raised more than $225 million in crypto donations.

Lawmakers have pointed out that crypto has displayed remarkable speed and efficiency in reaching those in need.

During a critical period last year when traditional financial channels were slow to respond, crypto donors from around the world managed to funnel over $100 million to support Ukraine’s urgent needs.

This rapid mobilization of funds was instrumental in bolstering the country's defense and resilience, showcasing the agility of digital assets in times of crisis.

The bill is now being put to a vote in the Verkhovna Rada, and if passed, it could see Ukraine become one of the few countries in the world to officially factor cryptocurrency into its national financial strategy.

It is still early in the legislative process, and the bill may yet undergo significant changes and amendments before it is finally approved or rejected by the Ukrainian parliament.

What Is Next: The bill is expected to undergo its first reading in the coming weeks. It would mark a historic moment for Ukraine’s digital asset policy and could pave the way for a more integrated, blockchain-friendly public sector.

As Ukraine rebuilds and repositions itself on the global economic stage, its willingness to embrace crypto at the highest levels signals a bold vision for the future of finance.