Ukrainian MPs Push to Include Crypto in National Reserves
Ukraine may soon become the first European country to formally authorize its central bank to hold digital assets as part of its gold and foreign currency reserves. On Tuesday, a group of MPs led by Yaroslav Zheleznyak submitted Draft Law No. 13356, which proposes that the National Bank of Ukraine (NBU) be permitted to integrate cryptocurrencies like Bitcoin into its national reserve strategy.
Zheleznyak, from the Holos Party, emphasized that the proposed law is fully compatible with Ukraine’s international commitments, including those to international monetary bodies and financial treaties. If passed, the NBU would have the freedom to determine how, when, and to what extent crypto assets are added to its reserves.
Bitcoin Reserve Already Taking Shape
Ukraine has already laid the groundwork for its strategic Bitcoin reserve. As of December 2024, the country reportedly held 46,351 BTC, worth around $4.8 billion, obtained largely through donations, wartime fundraising, and asset seizures. The government has been preparing an official act to formalize this reserve, aligning with the growing relevance of crypto in Ukraine’s post-war financial rebuild.
Kirill Khomyakov, Binance’s regional head for Central and Eastern Europe, welcomed the initiative:
Still, Khomyakov noted that significant legislative updates would be necessary to fully operationalize such a reserve.
Regulatory Tug-of-War Slows Crypto Lawmaking
Ukraine’s path to crypto integration hasn’t been without obstacles. In April, the Finance, Tax, and Customs Policy Committee passed new crypto legislation—but the bill was withdrawn at the request of the Office of the President and the National Securities and Stock Market Commission (NSSMC).
While the NSSMC later admitted it had no authority to stop the bill, it submitted 80 proposed amendments for parliamentary consideration, revealing ongoing institutional tensions over how crypto should be regulated in Ukraine.
Global Central Banks Push Back on Crypto Reserves
Ukraine’s progressive stance on digital assets stands in stark contrast to the rest of the global financial community. European Central Bank President Christine Lagarde dismissed the idea entirely, stating:
Other central banks, including those in Czechia, Poland, and Switzerland, have echoed similar sentiments. The Czech National Bank recently expanded its reserve portfolio but excluded Bitcoin. Poland’s central bank labeled crypto a “high-risk asset,” and Swiss National Bank President Martin Schlegel outright rejected BTC as a viable reserve due to liquidity concerns.
In the U.S., Federal Reserve Chair Jerome Powell reiterated that the Fed is not authorized to own digital assets.
Campaigners Argue for Bitcoin as a Hedge
Despite pushback, crypto advocates continue to press institutions to adopt Bitcoin as a hedge in an increasingly multipolar world. Luzious Meisser, a board member at Bitcoin Suisse, has campaigned for the Swiss National Bank to embrace BTC, citing economic instability triggered by tariffs under President Trump.
Schlegel, however, maintained that digital assets lack the liquidity required for central banking:
