Ukrainian lawmakers propose bill to let central bank hold Bitcoin

Lawmakers in Ukraine are currently reviewing the country’s first cryptocurrency reserve bill to allow the National Bank of Ukraine to hold Bitcoin and other crypto assets as part of its official reserves. On June 10, draft bill 13356 was submitted to Ukraine’s parliament, the Verkhovna Rada. The bill, introduced by Member of Parliament Yaroslav Zhelezniak, amends an existing law, “On the National Bank of Ukraine,” to permit the inclusion of digital assets, such as Bitcoin, in state reserves alongside traditional assets, like gold and foreign currencies. However, it must be noted that the bill does not mandate the central bank to acquire crypto assets but grants it the authority to do so at its own discretion. Deatils of the bill According to Zhelezniak, the National Bank of Ukraine (NBU) would independently decide if, when, and how much of its reserves should be allocated to cryptocurrencies. Zhelezniak, who confirmed the proposal’s submission via his official Telegram channel, said the legislation is intended to bring Ukraine in line with global financial innovation trends and could help strengthen macroeconomic stability. According to him, proper management of crypto reserves could unlock new opportunities for Ukraine’s digital economy. The proposal follows earlier signals from Zhelezniak about plans to introduce a crypto reserve bill with support from industry stakeholders. While the lawmaker previously stated the initiative would focus solely on Bitcoin, the current draft broadens the scope to include other crypto assets as well, contradicting his earlier comments. Last month, Binance expressed support for Ukraine’s crypto reserve initiative. Regional head Kirill Khomyakov said the move could help fast-track regulatory clarity, provided it is accompanied by comprehensive digital asset legislation. If passed, the bill would make Ukraine the first European country to legally establish a state Bitcoin reserve. Other major central banks across Europe, like the Swiss National Bank, have so far rejected the idea of bitcoin as a reserve asset. Ukraine joins a list of jurisdictions, including Russia, El Salvador, Japan, Brazil, Pakistan, and the US, alongside states like Texas , Arizona, and New Hampshire , that have taken steps toward building crypto reserve strategies. Ukraine moves to regulate crypto Ukraine’s growing interest in a Bitcoin reserve also comes against the backdrop of rising geopolitical tensions. Both Russia and Ukraine have turned to cryptocurrencies in recent years, with digital assets playing a role in cross-border donations, fundraising, and capital movement during conflict-related disruptions. Ukraine has been actively working to reshape its digital asset regulations in recent months. In April, a draft law on virtual assets secured unanimous approval from the Verkhovna Rada’s Finance, Tax and Customs Policy Committee. However, the legislation was subsequently pulled from the agenda, reportedly at the request of the President’s Office. Despite this, the country’s Securities and Exchange Commission has moved forward with proposals to tax crypto gains. In a recent consultation paper, the regulator recommended a 23% tax on individual crypto income, comprising an 18% personal income tax and a 5% military levy. The commission has also advocated for simplified tax reporting systems and digital tools to help users comply with obligations, especially as many individuals may be unaware of their tax liabilities from crypto activity. The post Ukrainian lawmakers propose bill to let central bank hold Bitcoin appeared first on Invezz

Source: Invezz