Ukraine is considering a groundbreaking move: adding Bitcoin to its national reserves. A new bill, registered in the Ukrainian parliament (Verkhovna Rada), proposes allowing the National Bank of Ukraine (NBU) to hold Bitcoin and other “virtual assets” alongside its existing gold and foreign currency reserves.
The Proposed Bill: A Closer Look
The bill, officially numbered 13356, was submitted on June 10th and has several cross-party sponsors. It’s designed to amend existing law to include virtual assets as internationally recognized reserve assets. The bill also outlines how the NBU could acquire these assets:
- Direct market purchases
- Accepting income in virtual assets
- Borrowing virtual assets from international lenders or other central banks
The bill also clarifies how the NBU could dispose of these assets, either by selling them on the open market or using them to repay debts.
Importantly, the bill doesn’t require the NBU to hold Bitcoin. It simply gives them the option. One of the bill’s sponsors emphasized that the decision on how, when, and how much Bitcoin to hold would remain entirely up to the NBU.
Why Bitcoin? Diversification and Resilience
Proponents of the bill argue that adding Bitcoin would diversify Ukraine’s reserves and provide a backup system in case traditional financial channels are disrupted (a relevant consideration given the ongoing war).
Currently, Ukraine’s reserves are around $44.53 billion (as of June 1st). Adding Bitcoin could potentially strengthen the country’s financial resilience.
Next Steps and Global Implications
The bill is currently awaiting review by the Finance Committee before it can proceed to a full parliamentary debate. While there’s no set timeline, the broad support and lack of initial opposition suggest a serious consideration in the coming months. If passed, Ukraine would join a very small club of countries that officially allow Bitcoin as a reserve asset. El Salvador is currently the only other country that has publicly reported holding Bitcoin as a reserve asset.