A new crypto asset reserve bill has reached Ukraine’s parliament, aiming to establish clearer rules for digital asset reserves and boost financial transparency.
While the measure would let the National Bank of Ukraine purchase cryptocurrency assets, such as Bitcoin, to be included in state reserves, it would not mandate that the bank do so.
A bill that would enable the National Bank of Ukraine (NBU) to incorporate cryptocurrencies like Bitcoin in the nation’s reserves has been introduced by Ukrainian MPs.
Bill number 13356, which was presented to the Verkhovna Rada, Ukraine’s parliament, on Tuesday, suggests amending the statute “On the National Bank of Ukraine” to include cryptocurrency assets in addition to gold and foreign currencies.
Yaroslav Zhelezniak, a member of parliament who verified the bill’s introduction on his Telegram channel, stated that although the law would authorize the central bank to purchase cryptocurrencies like Bitcoin (BTC $109,275) as part of state reserves, it would not require the authority to do so.
The central bank would have complete control over when, how much, and whether to devote any portion of its reserves to cryptocurrency.
“The regulator itself should decide how, when, and how much,” Zhelezniak stated.
Using crypto asset reserves to improve macroeconomic stability
The parliamentarians favor the establishment of a prospective state crypto asset reserve to integrate the nation into international financial innovations. Still, they leave the ultimate choice to the NBU. Zhelezniak added.
He stated on Telegram that “proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy.”
In a video discussion with Kyrylo Khomiakov, Binance’s regional head for Central and Eastern European and Central Asian countries, who assisted the MPs in writing the draft bill, Zhelezniak talked about the possible governmental cryptocurrency reserve. Following rumors that Binance has been advising several governments on establishing cryptocurrency reserves, Khomiakov became involved in bill-making.
Petr Bilyk, the head of artificial intelligence practice at the nearby legal company Juscutum Legal Engineering and a member of Ukraine’s expert committee on AI development, contributed to the bill.
Crypto asset reserves “have the right to life.”
Zhelezniak stressed in the video that the draft bill’s presentation does not indicate that the Ukrainian government is actively promoting cryptocurrency; rather, it is a response to the industry’s increasing global growth.
“This story has the right to life, and as we see, many countries are implementing it,” the congressman said, alluding to the growing experimentation with state crypto reserves by governments worldwide, including the United States and El Salvador.
According to the news, Ukraine is nearly drafting a draft bill on a state cryptocurrency reserve. The project was launched while countries continued to negotiate a possible peace agreement amidst the ongoing conflict between Russia and Ukraine.