Ukraine is reportedly moving closer to adopting Bitcoin as a national reserve asset, a step that could strengthen its economic resilience in the midst of the ongoing war with Russia.
Legislators are reportedly working on a Bitcoin (BTC) national reserve proposal with a draft bill in its last stages, according to Yaroslav Zhelezniak, a MP who confirmed the plan for local media increased.
The proposal was announced during the Crypto 2025 conference in Kyiv on February 6. “We will soon submit a draft law from the industry that allows the creation of cryptor reserves,” Zhelezniak said.
Cointelegraph reached out to Zhelezniak to comment on the status of the bill, but had not received a response upon publication.
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Bitcoin has received international attention as a national reserve asset since the election of US President Donald Trump in November 2024. On March 7, Trump signed a executive order to set up a national Bitcoin reserve that was seed with BTC confiscated from criminal cases.
A month later, Swedish MP Rickard Nordin issued an open letter calling on Finance Minister Elisabeth Svantesson to regard Bitcoin as a national reserve asset, citing his growing recognition as a “hedge against inflation”, Crointeleelgraph reported on April 11.
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Legal challenges may delay the adoption
While Ukraine’s push for a national Bitcoin reserve marks a potential historical shift in cryptopolitics, it may require “significant legal change”, according to Kyrylo Khomiakov, regional leader of CEE, Central Asia and Africa, at Crypto Exchange.
“We praise Ukraine’s ambition to establish a strategic cryptor reserve,” he told Cointelegraph. “Implementation of such a reserve would require significant legal changes, indicating that this process will not be quick.”
He added, “Another positive aspect is that this initiative is likely to lead to greater legislative clarity in Ukraine, as the government needs to formulate its attitude more clearly.”
Ukraine allegedly planned to legalize Cryptocurrencies in early 2025 with the completion of a draft bill in coordination with the National Bank of Ukraine (NBU) and International Monetary Fund (IMF), according to Daniil GetMantsev, head of the Tax Committee of Verkhovna Rada.
On April 8, Ukraine’s financial regulator proposed taxation of certain crypto transactions as personal income at a rate of up to 23%, excluding crypto-to-crrypto-transactions and stableecoins.
Not all votes in Ukraine’s crypto industry are optimistic about the time of the proposal.
“The country is broken. More than 50% of the budget is in grants and loans from the European Union,” said Michael Chobanian, the founder of Ukraine-based Kuna Exchange. “The population falls at the fastest rate in the world. Men are kidnapped and sent to the army against their will.”
“What kind of BTC reserves are we talking about here? This is done only to divert your attention,” Chobanian claimed.
https://www.youtube.com/watch?v=4maiaAtawi
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