Ukraine plans to join the U.S. in launching a Strategic Bitcoin Reserve, with Binance expressing support.
Devastated by war, following the disclosure of intentions to submit a bill by an MP, Ukraine may become the first European nation to establish a Strategic Bitcoin Reserve with Binance as its partner. Ukraine has generally maintained a favorable attitude toward cryptocurrencies; however, the country is currently engaged in extensive digital asset reforms.
Ukraine Plans to Establish a Strategic Bitcoin Reserve with Binance’s Assistance
Yaroslav Zhelezniak, a Ukrainian Member of Parliament, has verified his intention to present a bill to the parliament in support of a Strategic Bitcoin Reserve. According to an encrypted report, the measure will be presented on the House floor by Zhelezniak in the upcoming weeks.
According to the report, Zhelezniak’s final obstacle is refining the bill’s text before its presentation. Zhelezniak serves as the Deputy Chairman of the Committee on Finance, Tax, and Customs Policy.
Zhelezniak initially suggested the existence of a proposed law for a national cryptocurrency reserve in February; however, he has since decided to concentrate on Bitcoin. His remarks are in response to an imminent meeting between the president of El Salvador and Conor McGregor regarding establishing an Irish Strategic Bitcoin Reserve.
“We will soon submit a draft law from the industry allowing the creation of crypto reserves,” said Zhelezniak in February.
Binance Expresses Its Advocacy for the Upcoming Bill
The international exchange Binance has reportedly expressed interest in supporting Zhelezniak’s forthcoming measure. Binance’s Head of CEE, Central Asia, and Africa, Kirill Khomakov, disclosed that the Strategic Bitcoin Reserve will receive support from Binance.
Nevertheless, the Binance executive cautions that Ukraine will face an uphill battle in the reserve process. Ukraine’s cryptocurrency industry is currently establishing comprehensive legislation; however, the slow legislative process threatens the success of these efforts.
“The creation of such a reserve will require significant changes in legislation, which indicates that this process will not be quick,” said Khomyakov.
Binance has been establishing a series of partnerships with governments worldwide to encourage the adoption of cryptocurrency. Changpeng Zhao, the founder of Binance, had previously urged Kyrgyzstan to incorporate BTC into its national reserve following the establishment of a multi-year partnership.
Ukraine is negotiating an armistice with Russia in anticipation of the submission of the Strategic Bitcoin Reserve. Bullish sentiments in the cryptocurrency markets will be stimulated by the signing of a peace agreement between Ukraine and Russia, according to a Coingape report.