Ukraine is reportedly moving closer to adopting Bitcoin as a national reserve asset, a move that could bolster its financial resilience amid the ongoing war with Russia.
Lawmakers are reportedly working on a Bitcoin (BTC) national reserve proposal, with a draft bill in its final stages, according to Yaroslav Zhelezniak, a member of parliament who confirmed the plan to local media outlet Incrypted.
The proposal was announced during the CRYPTO 2025 conference in Kyiv on Feb. 6. “We will soon submit a draft law from the industry allowing the creation of crypto reserves,” Zhelezniak said.
Cointelegraph reached out to Zhelezniak for comment on the bill’s status but had not received a response by publication.
Related: Bitcoin treasury firms driving $200T hyperbitcoinization — Adam Back
Bitcoin has gained international attention as a national reserve asset since the election of US President Donald Trump in November 2024. On March 7, Trump signed an executive order to establish a national Bitcoin reserve seeded with BTC confiscated from criminal cases.
A month later, Swedish MP Rickard Nordin issued an open letter urging Finance Minister Elisabeth Svantesson to consider adopting Bitcoin as a national reserve asset, citing its growing recognition as a “hedge against inflation,” Cointelegraph reported on April 11.
Related: Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset
Legal challenges may delay adoption
While Ukraine’s push for a national Bitcoin reserve marks a potentially historic shift in crypto policy, it may require “significant legal change,” according to Kyrylo Khomiakov, regional head of CEE, Central Asia and Africa, at crypto exchange Binance.
“We commend Ukraine’s ambition to establish a strategic crypto reserve,” he told Cointelegraph. “Implementing such a reserve would necessitate significant legal changes, indicating that this process will not be swift.”
He added, “Another positive aspect is that this initiative will likely lead to greater regulatory clarity in Ukraine, as the government will need to articulate its stance more clearly.”
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), according to Daniil Getmantsev, head of the tax committee of the Verkhovna Rada.
On April 8, Ukraine’s financial regulator proposed taxing certain crypto transactions as personal income with a rate of up to 23%, excluding crypto-to-crypto transactions and stablecoins.
Not all voices in Ukraine’s crypto industry are optimistic about the timing of the proposal.
” The country is broke. More than 50% of the budget is in grants and loans from the European Union,” said Michael Chobanian, the founder of Ukraine-based Kuna exchange. “The population is decreasing at the fastest rate in the world. Men are kidnapped and sent to the army against their will.”
“What kind of BTC reserves are we talking about here? This is done only to divert your attention,” Chobanian claimed.
Magazine: Helping Ukraine without donating: Laura’s DeFi staking plan
