War-torn Ukraine Could Be the First European Country to Launch a Strategic Bitcoin Reserve

War-torn Ukraine could be the first European country to launch a Strategic Bitcoin Reserve with Binance in tow after an MP revealed plans to submit a bill.

War-torn Ukraine could be the first European country to launch a Strategic Bitcoin Reserve with Binance in tow after an MP revealed plans to submit a bill. While Ukraine has largely maintained a positive stance towards cryptocurrencies, the country is in the middle of sweeping digital asset reforms.

Ukrainian MP Yaroslav Zhelezniak has confirmed plans to submit a bill before parliament for a Strategic Bitcoin Reserve. According to Incrypted, Zhelezniak will present the bill in the coming weeks on the floor of the House.

The last hurdle for Zhelezniak is refining the text of the bill before its presentation. Zhelezniak doubles as the Deputy Chairman of the Committee on Finance, Tax and Customs Policy.

Back in February, the MP hinted at a draft law for a national cryptocurrency reserve, but now Zhelezniak is narrowing his focus to Bitcoin. His comments follow an incoming meeting between Conor McGregor and El Salvador’s president for an Irish Strategic Bitcoin Reserve.

“We will soon submit a draft law from the industry allowing the creation of crypto reserves,” said Zhelezniak in February.

Binance Declares Support For The Incoming Bill

Zhelezniak’s incoming bill has garnered the attention of Binance, with the international exchange reportedly angling to support the move. Head of Binance in CEE, Central Asia, and Africa, Kirill Khomyakov, revealed that Binance will support the Strategic Bitcoin Reserve.

However, the Binance executive warns that the process for a reserve will be an uphill climb for Ukraine. Ukraine is in the process of creating robust legislation for its cryptocurrency industry, but a slow legislative process threatens to derail efforts.

“The creation of such a reserve will require significant changes in legislation, which indicates that this process will not be quick,” said Khomyakov.

Binance has been racking up a series of partnerships with governments across the globe to promote cryptocurrency adoption. Binance founder Changpeng Zhao previously urged Kyrgyzstan to add BTC to its national reserve after inking a multi-year partnership.

Ahead of the submission of the Strategic Bitcoin Reserve, Ukraine is pursuing a ceasefire with Russia. A Coingape report notes that the signing of a peace deal between Ukraine and Russia will stoke bullish sentiments in the cryptocurrency markets.