Ukraine appears to be edging closer to officially recognizing Bitcoin as part of its national reserves—an effort that could strengthen its financial footing as the war with Russia continues.
According to Yaroslav Zhelezniak, a member of Ukraine’s parliament, the government is in the final phases of drafting legislation that would pave the way for Bitcoin to be held as a national strategic asset. Speaking at the CRYPTO 2025 conference in Kyiv on February 6, Zhelezniak noted, “We’re preparing to present a bill that would authorize the formation of state crypto reserves.”
Although Zhelezniak has not publicly commented further on the bill’s progress, local news outlet Incrypted first reported on the initiative.
Bitcoin has been increasingly discussed as a national reserve currency since Donald Trump’s return to the U.S. presidency in November 2024. In early March, Trump signed an executive order to establish a U.S. Bitcoin reserve using assets seized from criminal proceedings.
The idea is gaining traction internationally as well. In Sweden, MP Rickard Nordin publicly encouraged the finance ministry to consider Bitcoin for national reserves, citing its perceived role as a safeguard against inflation.
Legal Hurdles Ahead
Despite the ambitious plans, legal experts suggest the road ahead could be lengthy. Kyrylo Khomiakov, Binance’s regional director for Central and Eastern Europe, Central Asia, and Africa, stated that implementing such a reserve would demand comprehensive legal reform.
“Ukraine’s interest in setting up a crypto reserve is commendable,” Khomiakov said. “But this won’t be a fast process—it will require a clear regulatory framework.”
This potential law aligns with broader crypto-related reforms in Ukraine. The government has been working closely with the National Bank of Ukraine (NBU) and the International Monetary Fund (IMF) to finalize crypto legislation, with aims to legalize digital assets by early 2025.
On April 8, Ukraine’s financial authority proposed a new tax policy that would treat some crypto transactions as personal income, applying a rate of up to 23%. However, trades between cryptocurrencies and those involving stablecoins would remain exempt.
Industry Divided on Timing
While some view the move as a forward-thinking financial strategy, others question whether now is the right time. Michael Chobanian, founder of the local crypto exchange Kuna, expressed skepticism.
“The state is financially struggling—over half the national budget depends on EU grants and loans,” Chobanian said. “Population numbers are plummeting, and forced military conscription is ongoing. Talking about Bitcoin reserves in this context seems more like a distraction than a serious plan.”
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