Ukrainian legislators have made an unprecedented move in the Verkhovna Rada by submitting a draft bill (No.13356) to allow the National Bank of Ukraine (NBU) to take Bitcoin and other cryptocurrencies into official reserves. This bill is voluntary, but the bill does stand to change Ukraine’s financial policy in a significant way by providing economic stability AND paving the way for new financial innovation.
What the Bill Proposes
Draft bill No. 13356 proposes to amend the “Law on the National Bank of Ukraine” to allow the central bank’s reserve portfolio to include crypto assets in addition to gold and foreign currencies. Moreover, the bill does not require the NBU to buy or hold any digital assets; the decision on if, when, and how much is at the sole discretion of the bank.
Yaroslav Zhelezniak, MP and member of the Holos party, said that this allows the NBU flexibility to modify its policy depending on the changes to the financial landscape rather than taking a blanket approach.
Why It Matters
- Macro Hosts: Supporters suggest a properly regulated crypto reserve could provide stability – helping to insulate Ukraine’s economy from global shocks and underlying geopolitical risk.
- Digital Economy: If central banks offer a crypto-holding option, that would allow Ukraine to best participate in financial technology developements – and possibly attract investment and innovation.
- Global Trend: Ukraine will join other countries, exploring sovereign reserves and crypto assets. El Salvador and the U.S. are already there, and Switzerland and Brazil are exploring the opportunities as well.
Who’s Behind It
A Holos party delegation led by Yaroslav Zhelezniak filed the bill on June 10, 2025. This draft was prepared collaboratively, including several experts like Kirill Khomyakov, Binance’s regional head for Central and Eastern Europe and Central Asia, to emphasize the extensive amount of private sector input.
Debates & Challenges
However, while many experts are excited about this prospect, a number of experts warned about potential pitfalls:
- Volatility Risks: Bitcoin and other cryptos can be very volatile and this might present challenges around the valuation of reserves.
- Liquidity Issues: Digital assets could also cause liquidity issues in returns in the face of rapid economic turmoil.
- Regulatory Responsibilities: The NBU would also need to have adequate asset custody, cyber security and compliance frameworks before using these currencies. For example, the European Central Bank has generally been cautious and consistently noted that digital assets are not an appropriate asset class for central bank reserves.
Next Steps
With its official registration in the Rada, the bill will undergo parliamentary review, possibly including input from the National Securities and Stock Market Commission and the President’s office. If passed, Ukraine would become the first European nation to formally allow crypto assets in its state reserves.
In Summary
Ukraine’s draft bill is less about an immediate purchase of Bitcoin and more about laying the legal foundation for responsible, strategic engagement with digital assets. By giving the NBU discretionary authority, lawmakers seek to balance innovation with caution—ensuring future readiness without forcing premature adoption.
If approved, the move could enhance financial resilience, catalyze the country’s digital ecosystem, and affirm Kyiv’s position among emerging crypto-forward economies. Still, success will hinge on the NBU’s capacity to manage new risks, implement strong governance frameworks, and navigate volatile markets.
Ukraine’s crypto assets bill reflects a bold step towards redefining how balance sheets are managed in the digital age—one governed by both prudence and progress.
