Ukrainian legislators have submitted a new proposal to the Verkhovna Rada (Ukraine’s parliament) that could allow the country’s central bank to hold cryptocurrencies, such as Bitcoin, as part of its official reserves.
The proposed legislation, filed under bill number 13356, suggests changes to the existing law “On the National Bank of Ukraine” that would enable the National Bank of Ukraine (NBU) to manage digital assets alongside traditional reserves like gold and foreign currencies.
While the draft grants the NBU the legal right to invest in crypto assets, it does not impose any obligation to do so. According to Yaroslav Zhelezniak, a member of parliament who announced the proposal via Telegram, the central bank would maintain full authority over the decision-making process regarding timing, amounts, and types of digital assets included.
“Decisions on if, when, and how much to invest would remain solely in the hands of the regulator,” Zhelezniak stated.
Strengthening Economic Stability Through Innovation
Though optional for the NBU, the bill is seen as a progressive step toward integrating Ukraine’s financial system with modern global trends. Zhelezniak emphasized that a crypto asset reserve could play a role in enhancing economic resilience and fostering digital growth.
“Smart crypto reserve management could boost macroeconomic stability and offer new avenues for digital innovation,” he added.
The proposal was developed with input from several experts, including Kyrylo Khomiakov, Binance’s regional director for Central and Eastern Europe and Central Asia, who consulted with lawmakers on the draft. Khomiakov’s participation reflects a broader trend of Binance advising national governments on digital asset strategies.
Petr Bilyk, a legal expert on artificial intelligence at Juscutum Legal Engineering and a member of Ukraine’s AI development council, also contributed to the bill’s formation.
Exploring, Not Endorsing, Crypto Adoption
In a joint video discussion with Khomiakov, Zhelezniak clarified that the bill doesn’t signal a full endorsement of crypto by the Ukrainian government. Instead, it aims to keep the country aligned with global financial developments.
“This idea is worth exploring. We’re not pushing for crypto, but we don’t want Ukraine to fall behind as more nations, like the U.S. and El Salvador, explore national crypto holdings,” he said.
This legislative effort comes as Ukraine continues to develop its framework for managing digital assets, especially significant during ongoing geopolitical tensions and efforts toward peace negotiations.
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