Ukraine started working on a draft law that would enable the state to introduce Bitcoin into its national reserves. Member of Parliament Yaroslav Zhelezniak, First Deputy Chairman for Finance and Customs Policy, confirmed that work on the new law was underway. He promised to present the draft to parliament soon, but officials are still reviewing the final document.
The increased participation of Ukraine with digital assets is one component of an overall trend toward national interest in virtual currencies. Chainalysis ranked it among the top ten countries in a 2024 report.
Ukrainian public officials together hold approximately 46,351 Bitcoins, as per government records, and the total is close to five billion US dollars. This demonstrates the extent to which crypto has been integrated within Ukraine’s financial and governmental framework over the last few years.
Ukraine has also received significant volumes of cryptocurrency donations after the outbreak of war against Russia. The funds catered to different emergency and defense requirements. In turn, the government initiated the codification of crypto’s status and the development of a better-organized digital economy.
Ukraine’s digital economy gains Crypto momentum
With Ukraine setting its legislative framework, the world’s leading volume cryptocurrency exchange, Binance, is providing technical guidance on the reserve. Kirill Khomyakov, Regional Head for Central and Eastern Europe at Binance, affirmed backing for Ukraine’s Bitcoin reserve plan.
He further explained that the establishment of a national reserve will involve major overhauls to Ukraine’s current law and digital asset policy.
Khomyakov also emphasized the necessity for clear policymaking and steady regulation for Ukraine’s digital economy to further advance. He mentioned that the new Bitcoin reserve could be an effective lead for subsequent financial reforms.
Although Binance has not officially commented, the move indicates increased collaborations between crypto exchanges and governments at the national level.
Beyond Ukraine, Binance is also assisting other countries, including Kyrgyzstan, to create crypto reserves and payment systems. The CEO of the exchange, Richard Teng, has said that several governments approached Binance for assistance regarding the establishment of regulatory systems for digital currencies.
