Ukraine Parliament Proposes Bill to Allow the National Bank to Buy Crypto Assets

A draft bill submitted to the Ukrainian parliament proposes allowing the National Bank of Ukraine (NBU) to buy crypto assets and hold them as part of the country's reserves.

Several lawmakers in Ukraine have submitted a draft bill that would allow the National Bank of Ukraine (NBU) to buy crypto assets and hold them as part of the country's reserves, though it would not obligate the bank to take such action.

The lawmakers submitted draft bill No. 13356 to Parliament on June 10, proposes amendments to the current law to add crypto assets to the list of assets that the NBU can include in the country's reserves.

One of the lawmakers, Yaroslav Zhelezniak, who backed the draft bill, said on his Telegram channel, that the aim of the bill was to give the "right to include virtual assets in the country's reserves."

The bill would authorize the NBU to decide if they intend to include crypto assets and the portion of the country's reserves that may be crypto assets. Zhelezniak added that "the decision on how, when, and how much to include would be up to the regulator. In other words, we are not obligating them - we leave it to their professional judgment."

Zhelezniak noted that the Ukrainian parliament believes this bill will foster financial innovation and enhance the country's macroeconomic stability. He also pointed out that establishing a crypto reserve could open new avenues for the growth of Ukraine's digital economy.

The Concept of a State Crypto Reserve

In a video interview, Zhelezniak discussed the proposed state crypto reserve with Kyrylo Khomiakov, Binance's regional head for Central and Eastern Europe and Central Asia.

Khomiakov played a significant role in assisting lawmakers with drafting the bill, which follows reports highlighting Binance's involvement in helping governments around the world create crypto reserves.

The concept of a state Bitcoin reserve is not new. Countries such as El Salvador have already established one. El Salvador not only holds a Bitcoin reserve but also recognizes the cryptocurrency as legal tender. The country regularly increases its Bitcoin holdings despite concerns raised by the International Monetary Fund (IMF).

Similarly, Pakistan is planning to establish a strategic Bitcoin reserve as part of its efforts to lead in digital finance. The country is also developing a comprehensive digital asset policy and recently engaged in discussions with U.S. crypto officials to explore international collaboration.