Source: Cointelegraph
Original: “Reportedly, Ukraine's Bitcoin (BTC) Strategic Reserve Bill Has Entered Final Review Stage”
Reportedly, Ukraine is gradually moving towards the goal of incorporating Bitcoin into its national reserve assets, a move expected to enhance its financial resilience amid the ongoing war with Russia.
According to Member of Parliament Yaroslav Zhelezniak, who confirmed to local media Incrypted, lawmakers are actively drafting a proposal for a national Bitcoin reserve, with the relevant bill now in its final stages.
The proposal was initially announced on February 6 at the CRYPTO 2025 conference held in Kyiv. Zhelezniak stated at the time, "We will soon submit a legal draft from the industry perspective that allows for the establishment of cryptocurrency reserves."
Cointelegraph reached out to Zhelezniak for updates on the progress of Ukraine's Bitcoin reserve bill, but had not received a response by the time of publication.
Since the election of U.S. President Trump in November 2024, Bitcoin as a national reserve asset has garnered significant international attention. On March 7, Trump signed an executive order establishing a national Bitcoin reserve funded by Bitcoin seized from criminal cases.
A month later, Swedish MP Rickard Nordin published an open letter urging Finance Minister Elisabeth Svantesson to consider incorporating Bitcoin into national reserve assets, citing that Bitcoin is increasingly viewed as "a hedge against inflation," Cointelegraph reported on April 11.
Although Ukraine's push for a national Bitcoin reserve marks a potentially historic shift in cryptocurrency policy, Kyrylo Khomiakov, head of Binance for Eastern Europe, Central Asia, and Africa, stated that this may require "significant legal changes."
"We appreciate Ukraine's ambition to establish a strategic crypto reserve," he told Cointelegraph. "Implementing such a reserve will require substantial legal adjustments, indicating that this process will not be completed in the short term."
"Another positive aspect is that this initiative is likely to prompt a clearer regulatory environment in Ukraine, as the government will need to articulate its position more explicitly," he added.
According to Daniil Getmantsev, chairman of the Tax Committee of the Ukrainian Verkhovna Rada (Parliament), Ukraine plans to legalize cryptocurrency through a draft bill coordinated with the National Bank of Ukraine (NBU) and the International Monetary Fund (IMF) by early 2025.
On April 8, Ukrainian financial regulators proposed taxing certain cryptocurrency transactions as personal income, with rates as high as 23%, but excluding transactions between cryptocurrencies and stablecoins.
However, not all voices in Ukraine's crypto industry are optimistic about the timing of the proposal.
"The country is already in financial difficulty. Over 50% of the budget comes from EU grants and loans," said Michael Chobanian, founder of the Ukrainian Kuna exchange. "The population is decreasing at the fastest rate in the world. Men are being conscripted and sent to the army against their will."
Chobanian claimed, "What kind of Bitcoin reserve are we talking about? This is just to divert public attention."
Related: Bitcoin miners stop selling; BTC has risen 20% since the Hash Ribbons indicator issued a "buy" signal.
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