KEY FACTS: Ukraine is on the verge of becoming the first European nation to adopt Bitcoin as a national reserve asset, with lawmakers finalizing a bill to integrate the cryptocurrency into the country’s financial strategy. The legislation, spearheaded by figures like Yaroslav Zhelezniak and supported by Binance, aims to boost Ukraine’s economic resilience amid the ongoing war with Russia. The bill, expected to be submitted to parliament soon, follows global trends in El Salvador and the U.S., which have established Bitcoin reserves.
Source: Incrypted
Ukraine Nears Bitcoin Reserve Bill as Lawmakers Finalize Legislation
Ukrainian lawmakers are reportedly in the final stages of drafting a bill to establish Bitcoin (BTC) as a national reserve asset. This development, first hinted at in February, marks a significant step toward integrating digital currencies into the country’s financial strategy, particularly as Ukraine seeks to bolster its economic resilience amid the ongoing war with Russia. The initiative is backed by prominent figures in the government and supported by global crypto exchange Binance.
The proposal to adopt Bitcoin as a national reserve asset comes at a critical juncture for Ukraine, which has faced severe economic strain since Russia’s invasion in February 2022. The war has disrupted traditional financial systems, strained public resources, and highlighted the need for innovative solutions to safeguard the nation’s economic stability. Ukrainian lawmakers see Bitcoin, with its decentralized and borderless nature, as a potential hedge against inflation, currency devaluation, and geopolitical uncertainties.
Yaroslav Zhelezniak, a member of Ukraine’s parliament (Verkhovna Rada) and the First Deputy Chairman of the Committee on Finance, Tax, and Customs Policy, confirmed the progress of the bill to local media outlet Incrypted. According to Zhelezniak, the draft legislation is nearing completion, with plans to submit it to parliament soon. While the final text is still under review, the bill is expected to outline a framework for the government to acquire and hold Bitcoin as part of its national reserves, alongside traditional assets like gold and foreign currencies. Zhelezniak told Incrypted:
“Ukraine is moving closer to adopting Bitcoin as a strategic reserve asset”...“This is not just about embracing new technology but about ensuring our financial sovereignty and resilience in the face of unprecedented challenges.”
The initiative has garnered support from Binance, one of the world’s largest cryptocurrency exchanges, which has been advising Ukrainian officials on the technical and regulatory aspects of establishing a Bitcoin reserve. Kyrylo Khomiakov, Binance’s regional head for Central and Eastern Europe, Central Asia, and Africa, emphasized the transformative potential of the move but cautioned that it would require “significant legal changes.” ” According to Khomiakov:
“Implementing such a reserve is a complex process that won’t happen overnight. However, this initiative is a positive step toward greater regulatory clarity in Ukraine, as the government will need to articulate its stance on cryptocurrencies more clearly.”
Ukraine’s push to create a Bitcoin reserve follows the global trend of nations exploring cryptocurrencies as strategic assets. El Salvador made history in 2021 by adopting Bitcoin as legal tender and establishing a national Bitcoin reserve, which now holds over 6,000 BTC. In 2025, the United States launched its own Strategic Bitcoin Reserve, spurred by an executive order from President Donald Trump to create a “Digital Asset Stockpile.” Brazil, Taiwan, and several U.S. states, including New Hampshire and Arizona, are also exploring or have passed legislation to incorporate Bitcoin into their financial systems.
If Ukraine’s bill passes, it could become the first European nation to formally adopt Bitcoin as a reserve asset. This is a milestone that could inspire other countries in the region to follow suit. The move is particularly significant given Ukraine’s ongoing collaboration with international financial institutions like the International Monetary Fund (IMF) and the National Bank of Ukraine (NBU), which are reportedly involved in drafting related cryptocurrency legislation.
The Bitcoin reserve bill is part of an effort to modernize Ukraine’s financial system and integrate cryptocurrencies into its economy. Earlier this year, Daniil Getmantsev, head of the Verkhovna Rada’s tax committee, announced plans to legalize cryptocurrencies by early 2025. The proposed legislation includes measures to impose capital gains taxes on crypto-to-fiat conversions and strengthen anti-money laundering regulations, signaling a comprehensive approach to crypto regulation.
Ukraine has relied heavily on foreign aid and faced challenges in accessing traditional financial markets; hence, a Bitcoin reserve could provide a new avenue for economic diversification and financial independence.
“Decentralized finance is often touted as an efficient means of transaction during wartime,” noted a report from CoinGape. Internationally, the bill has drawn attention from crypto advocates and policymakers alike.
The Ukrainian bill’s passage would mark a historic moment for Ukraine and the entire cryptocurrency industry, as it will set a precedent for other nations grappling with economic instability. For now, Ukrainian officials remain focused on refining the bill’s language and building consensus among stakeholders. The involvement of Binance and consultations with the IMF and NBU suggest a cautious yet determined approach to integrating Bitcoin into the national economy.
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