The draft bill, titled 13356, was submitted to Ukraine’s Verkhovna Rada on June 10. It proposes modifications to the current “On the National Bank of Ukraine” law, introducing the possibility of including cryptocurrency assets in the country’s gold and foreign exchange reserves.

The proposed legislation grants the Ukrainian central bank the authority to include digital currencies like Bitcoin (BTCUSD) in the state reserves, although it doesn’t mandate the bank to do so. This was confirmed by Yaroslav Zhelezniak, a parliament member who announced the introduction of the bill on his Telegram channel.

Furthermore, the bill doesn’t impose any restrictions on the amount of cryptocurrency assets the National Bank of Ukraine can hold. Zhelezniak emphasized that the regulator should decide the “how, when, and how much” of crypto asset allocations.

Lawmakers believe that the establishment of a state crypto reserve could enhance the integration of Ukraine into global financial innovations. Zhelezniak added that the effective management of a crypto reserve could improve macroeconomic stability and offer new avenues for the growth of the digital economy.

In a video commentary featuring Kirill Khomyakov, Binance’s regional head for Central and Eastern European countries and Central Asia, Zhelezniak highlighted the growing trend of strategic reserves in various global jurisdictions, including the United States, El Salvador, Switzerland, Brazil, and others.

Additional details on this developing story will be provided as they emerge.

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