Ukraine Introduces a New Bill Aiming to Establish a Strategic Bitcoin Reserve

In a major development, Ukraine recently introduced a new bill aiming to establish a Strategic Bitcoin Reserve

In a significant move, Ukraine is introducing a bill to establish a Strategic Bitcoin Reserve, aiming to integrate cryptocurrency into national financial policies.

This development comes as the US, Pakistan, and other countries are focusing on building their own strategic BTC reserves.

The new draft law no. 13356, recently introduced by Ukrainian lawmakers in the Ukrainian parliament Verkhovna Rada, will allow the central bank to hold Bitcoin and crypto. It will be part of the country’s foreign exchange reserves, disclosed People’s Deputy Yaroslav Zheleznyak, First Deputy Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, on his Telegram channel.

"Ukraine may have its own crypto reserve. Such an initiative no. 13356 by Yaroslav Zheleznyak 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," wrote Zheleznyak.

This step will bring Ukraine closer to global finance innovation.

"It is an important step in bringing Ukrainian legislation closer to global financial innovations. And in the conditions of hybrid war, such an instrument of diversification of foreign exchange reserves seems to be in great demand."

After an eventful year in the crypto sphere, the world is entering a new stage of macroeconomic instability. As the US dollar loses its strength and new technologies emerge, it is becoming clear that the structure of foreign exchange reserves will need to be revised.

"This is a new instrument for the National Bank in managing foreign exchange reserves. And it will be used in accordance with best international practices. It is also important that the optimal strategy for investing in cryptocurrencies will be determined by the National Bank, taking into account all the risks and the specifics of the cryptocurrency market," added the lawmaker.

He further explained that proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy.

"The administration of the bitcoin reserve will be entrusted to the National Bank, which will determine the strategy, taking into account the specifics of the cryptocurrency market and the need to minimize risks. And the optimal technology for investing in bitcoin will be selected by the experts of the National Bank."