Ukrainian lawmakers have taken the first step towards the creation of a crypto reserve.

e's Parliamentarians Propose Bill to Create Bitcoin Reserve

A group of eight deputies of Ukraine's parliament, the Verkhovna Rada, submitted a bill which would authorize the country's National Bank to include “virtual assets in the gold and foreign exchange reserves,” on Tuesday.

The bill's principal sponsor is Yaroslav Zheleznyak, who serves as first deputy chairman of the Committee on Finance, Tax and Customs Policy. Zheleznyak described the bill as a “step [to] integrate Ukraine into global financial innovations,” in a post on Telegram.

“Proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy,” he added.

Zheleznyak noted however that if it became law, the policy would not demand the central bank create a crypto reserve, merely that it would have the option of doing so.

Zheleznyak noted however that if it became law, the policy would not demand the central bank create a crypto reserve, merely that it would have the option of doing so.

Ukraine already holds 46,351 bitcoin (BTC) which were donated to help the country's war effort against Russia. Earlier this year, the government also announced plans to introduce a legal framework for crypto taxation in a bid to boost national revenue.

Countries planning on building cryptocurrency reserves are not new, with the U.S. being the most prevalent. Pakistan's government revealed similar plans for a strategic BTC reserve at the end of last month.