Ukraine is reportedly transferring nearer to adopting Bitcoin as a nationwide reserve asset, a transfer that might bolster its monetary resilience amid the continued battle with Russia.
Lawmakers are reportedly engaged on a Bitcoin (BTC) nationwide reserve proposal, with a draft bill already in its final stages, in keeping with Yaroslav Zhelezniak, a member of parliament, who confirmed the plan to native media outlet Incrypted.
The proposal was initially introduced throughout the CRYPTO 2025 convention in Kyiv on Feb. 6. “We will quickly submit a draft regulation from the trade permitting the creation of crypto reserves,” Zhelezniak stated on the time.
Cointelegraph reached out to Zhelezniak for feedback on the standing of a Bitcoin reserve bill in Ukraine however didn’t obtain a response by publication.
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Bitcoin has gained worldwide consideration as a nationwide reserve asset since the election of US President Donald Trump in November 2024. On March 7, Trump signed an executive order to ascertain a nationwide Bitcoin reserve seeded with BTC confiscated from prison instances.
A month later, Swedish MP Rickard Nordin issued an open letter urging Finance Minister Elisabeth Svantesson to contemplate adopting Bitcoin as a national reserve asset, citing Bitcoin’s rising recognition as a “hedge in opposition to inflation,” Cointelegraph reported on April 11.
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Legal challenges might delay adoption
While Ukraine’s push for a nationwide Bitcoin reserve marks a probably historic shift in crypto coverage, it could require “important authorized change,” in keeping with Kyrylo Khomiakov, regional head of CEE, Central Asia, and Africa at crypto trade Binance.
“We commend Ukraine’s ambition to ascertain a strategic crypto reserve,” he instructed Cointelegraph. “Implementing such a reserve would necessitate important authorized adjustments, indicating that this course of is not going to be swift.”
“Another constructive facet is that this initiative will probably result in higher regulatory readability in Ukraine, as the federal government might want to articulate its stance extra clearly,” he added.
Ukraine was reportedly planning to legalize cryptocurrencies in early 2025 with the finalization of a draft bill in coordination with the National Bank of Ukraine (NBU) and the International Monetary Fund (IMF), in keeping with Daniil Getmantsev, head of the tax committee of the Verkhovna Rada.
On April 8, Ukraine’s financial regulator proposed taxing sure crypto transactions as private earnings with a fee of as much as 23%, excluding crypto-to-crypto transactions and stablecoins.
Not all voices in Ukraine’s crypto trade are optimistic concerning the timing of the proposal.
”The nation is broke. More than 50% of the funds is in grants and loans from the European Union,” stated Michael Chobanian, the founding father of Ukraine-based Kuna trade. “The inhabitants is lowering on the quickest fee in the world. Men are kidnapped and despatched to the military in opposition to their will.”
“What sort of BTC reserves are we speaking about right here? This is completed solely to divert your consideration,” Chobanian claimed.
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