Ukraine Just Pushed Through the First Draft Bill to Gather Miscellaneous Crypto Assets Into the National Bank Of Ukraine’s Foreign & Gold Currency Reserve

Notably, this opens doors for Bitcoin (BTC) to be used as a national treasury asset

The Ukrainian parliament, known as the Rada, has just approved the first draft bill that would allow the National Bank Of Ukraine to collect miscellaneous crypto assets into foreign & gold currency reserves. Notably, this opens doors for Bitcoin (BTC) to be used as a national treasury asset, while national bank-issued guidelines should establish how this is put in practice.

The bill with the card number 13356, which still needs to undergo a third reading and the president’s signature to be enacted, solidifies Ukraine’s intentions to become a crypto hub, recognizing Bitcoin (BTC) & some other crypto currencies as fundamental for the war-torn country’s relief effort and the development of its financial infrastructure. For now, Ukraine holds 46,351 Bitcoins, according to data from December 2024, in an amount that is over 7 times bigger than El Salvador’s Bitcoin reserve despite the fact that the Latin American country has adopted BTC as legal cash since 2021.

While the legal tender route saw its fair share of bumps in the road on many occasions, it’s clear that El Salvador is over $200 million up on the Dollar Cost Averaging (DCA) strategy with which it has been amassing BTC over the past 2.5 years.

Sponsored

In Ukraine’s case, the war-torn country saw $4.8 billion in crypto donations since Russia started the war in February 2024. Ironically enough, the Eastern European country saw the most donations during the bear market, as Bitcoin’s price was affected by two financial fiascos in 2022, sending Bitcoin crumbling to $16K at one point following FTX’s ‘liquidity crunch’.

This new bill to legalize BTC in national reserves marks a significant step in Ukraine's broader economic recovery efforts following the war.