Ukraine Registers Law for National Bank Crypto Reserves
Ukraine has taken a significant step towards integrating virtual assets into its national financial framework with the registration of Draft Law No. 13356 on June 10.
This proposed legislation seeks to amend the Law of Ukraine «On the National Bank of Ukraine,» specifically to grant the National Bank the authority to include virtual assets in the country’s gold and foreign exchange reserves.
While the full text of the document is not yet publicly available, details of the initiative have been shared by one of its key initiators, Yaroslav Zheleznyak, a people’s deputy from the Holos faction and deputy chairman of the Verkhovna Rada’s Finance Committee.
“We have registered such an initiative,” Zheleznyak stated. “According to the draft law, we give the National Bank the right to include virtual assets in Ukraine’s reserves. However, how, when, and how much should be the decision of the regulator itself. That is, we do not oblige and leave it to their professional choice.” This crucial distinction underscores that the bill provides flexibility to the National Bank, allowing it to adapt to market conditions and strategic needs without a rigid mandate.
According to Zheleznyak, this strategic move is designed to integrate Ukraine more deeply into global financial innovations. He emphasized that “the proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy.” This suggests a forward-looking approach aimed at leveraging digital assets for national economic resilience and growth.
Zheleznyak also highlighted that the idea of incorporating virtual assets into state reserves is not unique to Ukraine. He pointed to several international precedents and ongoing developments, noting that the United States is already in the process of forming a strategic crypto reserve.
The registration of Draft Law No. 13356 marks a pivotal moment for Ukraine, signaling a potential shift in its approach to financial reserves and an embrace of the evolving digital economy landscape. The details of the National Bank’s eventual implementation, once the law progresses, will be keenly watched by the global financial and cryptocurrency communities.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
