As Ukraine navigates the volatile economic landscape brought on by war and global inflation, its lawmakers are taking a historic leap into the digital age with the newly introduced Crypto Reserves Bill.
This legislative proposal could make Ukraine the first European nation to permit its central bank to hold Bitcoin and other virtual assets as part of its national reserves.
An Innovative Policy in Progress
On June 10, 2025, a coalition of Ukrainian MPs led by Yaroslav Zheleznyak submitted the Crypto Reserves Bill to the Verkhovna Rada. This draft law, if passed, would amend current central banking statutes, allowing the National Bank of Ukraine (NBU) to voluntarily hold Bitcoin and other virtual assets in reserve, much like it currently holds USD, EUR, and gold.
“This initiative reflects our commitment to modernize our financial system and embrace digital transformation in a responsible, regulated manner,” said Zheleznyak in a statement to domestic media.
Why Bitcoin, Why Now?
Ukraine has already seen unprecedented levels of crypto activity since Russia’s invasion, with over $225 million raised in crypto-based humanitarian and military support. Integrating Bitcoin into official reserves appears to be a logical next step, both financially and symbolically.
Experts view the Crypto Reserves Bill as a response to ongoing challenges with traditional fiat reserves and a hedge against currency devaluation.
“Bitcoin offers an alternative store of value during times of economic uncertainty,” said Olga Prokopenko, an economist at the Kyiv School of Economics. “But the key challenge is volatility and secure custody.”
How the Crypto Reserves Bill Works
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Voluntary, not mandatory: The NBU is not required to hold Bitcoin; it is simply permitted to.
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Scope: Applies to Bitcoin and select “virtual financial assets” defined by separate regulatory legislation.
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Custody: NBU will determine whether to use domestic or international custodians, likely subject to upcoming AML/CFT protocols.
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Oversight: Annual audits and monetary policy reviews will include digital reserves.
The Crypto Reserves Bill is part of a wider legislative push, including the 2025 Digital Assets Tax Law, expected to finalize by Q1 2026.
Ukraine Joins a Global Movement
The move puts Ukraine in line with El Salvador and Bhutan, both of which have integrated crypto into their sovereign finance strategy.
“We’re building a legal infrastructure for digital assets that will outlive wartime policy,” said Kirill Khomyakov, Binance’s head of Ukraine. Binance is reportedly advising on best practices for implementing the Crypto Reserves Bill.
Opportunities & Risks
| Pros | Risks |
|---|---|
| Hedge against inflation | High price volatility |
| Alternative to USD reserve dependency | Cybersecurity & custody risks |
| Positive global investor sentiment | Regulatory complexity |
Despite potential benefits, critics argue the bill lacks operational clarity and could expose the NBU to market shocks.
Conclusion: A Test Case for Europe
The Crypto Reserves Bill represents a watershed moment in central banking policy. It signals Ukraine’s readiness to experiment with new financial instruments while aligning itself with future-forward monetary trends. Whether or not the bill passes, its implications will be studied by central banks across Europe and beyond.
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Frequently Asked Questions
Q1: Is the NBU required to buy Bitcoin?
No, the Crypto Reserves Bill gives it the option, not a mandate.
Q2: What assets are covered under the bill?
Primarily, Bitcoin and other virtual assets are defined under separate Ukrainian crypto laws.
Q3: Is there a timeline for implementation?
No fixed date yet; the bill must first pass the full legislative process.
Q4: How will the NBU store these assets?
Through secure custodians, either domestic or international.
Q5: How does this affect regular citizens?
Indirectly, it sets legal precedence for national crypto adoption and could improve regulatory clarity.
Glossary of Key Terms
Crypto Reserves Bill – A draft Ukrainian law permitting its central bank to hold crypto assets.
National Bank of Ukraine (NBU) – The central bank of Ukraine.
Bitcoin – A decentralized digital currency without a central bank.
Custodian – A financial institution that holds assets on behalf of others.
Volatility – The degree of variation in trading prices over time.
