Ukrainian legislators have presented a bill which would allow the National Bank of Ukraine (NBU) to include cryptocurrencies like Bitcoin in the country’s reserves.
Subject to the Ukrainian Parliament, the Verkhovna Rada on Tuesday the number of bill 13356 offers changes to the law “on the National Bank of Ukraine” concerning the inclusion of cryptographic assets alongside gold and foreign currencies.
While authorizing the Central Bank to acquire cryptocurrencies like Bitcoin (BTC) as part of the state reserves, the bill would not require that the authority make it, according to Yaroslav Zhelezniak, member of the Parliament who confirmed the introduction of the bill on its telegram channel.
The central bank would retain full discretion as to the opportunity to allocate part of its reserves to the crypto, from the amount to allocate and when to do it.
“How, when and how much should the regulator ‘decision itself,” said Zhelezniak.
Crypto reserves to strengthen macroeconomic stability
Although leaving the final decision at the NBU, the legislators support the creation of a potential reserve of the state cryptography asset as a stage that will integrate the country into global financial innovations, Zhelezniak said.
“Good management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy,” he wrote in a statement on Telegram.
In addition, the legislator discussed the possibility of establishing a state crypto reserve in a video comment with the regional head of Binance for the countries of central and eastern Europe and Central Asia, Kirill Khomyakov.
In the video, Zhelezniak mentioned the growing number of global jurisdictions pushing strategic reserves, including countries like the United States, Salvador, Switzerland, Brazil and others.
This is a history in development, and additional information will be added as it will be available.
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