from the publication's materials - By Coincu
Ukraine has introduced a new legislative proposal allowing its central bank to hold bitcoins and other virtual assets in national reserves. This move signals a potential change in monetary policy as lawmakers seek to align with global financial innovations. The bill provides a clear legal basis for integrating crypto assets into the state's financial strategy without mandating their use.
The bill, presented on June 10 by legislators led by Yaroslav Zheleznyak, aims to amend the law on the National Bank of Ukraine. If approved, the National Bank will gain the authority to add digital assets to reserves alongside gold and foreign currency. The decision to hold or not hold such assets remains entirely under the control of the central bank.
This proposal, registered as bill No. 13356, does not require the bank to take immediate action but simply provides legal opportunities. Lawmakers intend to adopt this measure to modernize Ukraine's reserve strategy by expanding the range of permissible financial instruments. Moreover, the bill allows the central bank to make independent decisions on the timing, methods, and amounts of assets.
The introduction of this bill reflects a broader trend towards integrating digital assets into public finances. By granting discretionary powers to the National Bank, Ukraine is laying the groundwork for future diversification of crypto reserves. This marks a calculated policy shift towards financial instruments that could support economic resilience.
Alongside the reserve initiative, Ukraine is preparing a comprehensive law to regulate cryptocurrencies with the support of the National Bank and the IMF. This bill treats virtual assets similarly to securities, establishing a tax model based on conversion into fiat currency. Income from digital assets will be taxed only upon exchange, providing clarity in compliance requirements.
The bill is expected to be presented after the New Year, as parliamentary committees finalize its structure. Danilo Getmantsev, head of the financial committee, confirmed that the main components are ready for legislative consideration. However, discussions on financial oversight and anti-money laundering mechanisms are still ongoing.
Officials expect the first reading to take place in the first quarter of 2025, aligning with a broader program of economic reforms in Ukraine. The proposed legislation aims to ensure a transparent environment for activities involving digital assets across the country. This framework complements the potential strategy for the central bank's cryptocurrency reserve.
Ukraine is also developing a separate bill to create a national reserve of bitcoins as part of its financial modernization efforts. Yaroslav Zheleznyak, deputy chairman of the financial committee, confirmed that the legislation is nearing completion and will be presented soon. If adopted, Ukraine will become the first European country to officially hold bitcoins as a state asset.
This policy integrates bitcoins into sovereign financial planning and may enhance long-term fiscal stability. Lawmakers believe that a state-managed cryptocurrency reserve could open new channels for economic development and resilience. The proposed reserve aligns with trends in countries such as El Salvador, Switzerland, and Brazil.
Ukraine's strategic adoption of digital assets reflects growing international interest in diversified state reserves. With legal frameworks in place, Ukraine may soon lead regional efforts for institutional adoption of cryptocurrency.
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