Cryptocurrency May Be Included in Ukraine’s International Reserves

A group of Ukrainian lawmakers has registered draft law No. 13356, which provides for the possibility of including virtual assets in the country’s international reserves. The initiative grants the National Bank of Ukraine the authority to independently make decisions regarding the volumes and timelines for including cryptocurrencies in the reserves.

This is reported by AgroReview

“Ukraine is one of the leading countries in terms of cryptocurrency penetration and the number of people using it. We have fundamental advantages: education, IT specialists, geographical location, and significant investment penetration. The business case in the country is very strong. And due to the war, it has increased even more,” commented Kyrylo Khomyakov, director of the cryptocurrency exchange Binance.

Global Experience in Using Cryptocurrencies in Reserves

The practice of including virtual assets in state reserves is gaining traction worldwide. The United States is already forming a strategic cryptocurrency reserve, implementing relevant initiatives at the state level. China has used Bitcoin to attract $20 billion. Switzerland, Brazil, Pakistan, Kyrgyzstan, and several European Union countries are also working on integrating virtual assets into their reserves.

Prospects for Ukraine

Lawmakers believe that including cryptocurrencies in international reserves will facilitate Ukraine’s integration into global financial innovations. Effective management of cryptocurrency reserves could become an additional tool for strengthening macroeconomic stability and creating new opportunities for the development of the country’s digital economy.

Key issues for further consideration remain the identification of sources for filling cryptocurrency reserves, the appointment of an official asset holder, and the selection of specific types of cryptocurrencies for inclusion in the reserves.