It appears that Ukraine may soon start using Bitcoin as part of its central reserves, a decision that could strengthen its financial stability during the ongoing conflict with Russia.
It appears that lawmakers are close to finalizing a proposed Bitcoin (BTC) national reserve, as reported by Yaroslav Zhelezniak, a member of parliament, who discussed this plan with the media outlet Incrypted.
At the CRYPTO 2025 conference held in Kyiv on February 6th, it was revealed that a proposed law from the industry for establishing cryptocurrency reserves is forthcoming, according to Zhelezniak’s statement.
cryptoMoon contacted Zhelezniak seeking his comments about the current state of the bill, however, no response was received from him before the article went to print.
Since the election of US President Donald Trump in November 2024, Bitcoin has garnered international attention as a potential national reserve asset. On March 7, Trump issued an executive order to create a national Bitcoin reserve, funded by Bitcoin seized from criminal cases.
Approximately a month past, Swedish parliament member Rickard Nordin published an open missive advocating for Finance Minister Elisabeth Svantesson to ponder over integrating Bitcoin as a national reserve currency. He emphasized its rising status as a “protection against inflation,” according to CryptoMoon’s report dated April 11th.
Legal challenges may delay adoption
Ukraine’s proposal for a country-wide Bitcoin reserve signals a significant change in cryptocurrency regulations, but as Kyrylo Khomiakov, head of Binance in the CEE, Central Asia, and Africa region, points out, it could necessitate substantial legal adjustments.
He praised Ukraine for their ambitious plan to create a strategic cryptocurrency reserve, expressing his thoughts to CryptoMoon. However, he also pointed out that creating such a reserve would demand substantial alterations in the law, implying that the procedure might not be quick.
He mentioned, “Additionally, it’s likely that this project will result in clearer regulations being established in Ukraine, as the government may be compelled to express their views on the matter more explicitly.
Reports indicate that Ukraine was intending to make cryptocurrencies legal by early 2025, following the completion of a draft bill in collaboration with the National Bank of Ukraine (NBU) and the International Monetary Fund (IMF), as stated by Daniil Getmantsev, who leads the tax committee of the Verkhovna Rada.
Starting from April 8th, the financial regulatory body in Ukraine has suggested imposing a personal income tax on specific cryptocurrency transactions, with rates reaching up to 23%. However, it’s important to note that this does not apply to transactions involving only cryptocurrencies or stablecoins.
Not all voices in Ukraine’s crypto industry are optimistic about the timing of the proposal.
“Michael Chobanian, founder of Ukraine’s Kuna exchange, stated that the nation is financially strained, with over half of its budget coming from EU grants and loans. He also highlighted a concerning trend: our population is shrinking at an unprecedented global rate. Unfortunately, this includes incidents where men are forcibly conscripted into military service.
As a cryptocurrency investor, I find myself questioning: To which Bitcoin reserves are you referring, I wonder if this statement is merely intended to shift my focus. According to Chobanian’s claims.
Read More
- Margaret Qualley Set to Transform as Rogue in Marvel’s X-Men Reboot?
- DC: Dark Legion The Bleed & Hypertime Tracker Schedule
- Clair Obscur: Expedition 33 ending explained – Who should you side with?
- Netflix’s ‘You’ Season 5 Release Update Has Fans Worried
- Oblivion Remastered: How to get and cure Vampirism
- To Be Hero X: Everything You Need To Know About The Upcoming Anime
- 30 Best Couple/Wife Swap Movies You Need to See
- Does Oblivion Remastered have mod support?
- DODO PREDICTION. DODO cryptocurrency
- The Elder Scrolls: Oblivion Remastered Review – Rebirth of a Masterpiece
2025-05-15 13:03