Golden Finance reports that Ukrainian lawmakers have registered a draft bill on cryptocurrency reserves in the parliament, a move that officially allows the state bank to include cryptocurrencies in the country’s national reserves. Bill No. 13356, submitted to the Verkhovna Rada (Parliament) of Ukraine on June 10th, is a series of amendments to the “Law of the State Bank of Ukraine”, with its core content involving the inclusion of crypto assets in gold and foreign exchange reserves.
Ukrainian MP Yaroslav Zhelezniak confirmed the proposal of the bill on his Telegram channel. He said that although the bill authorizes the Central Bank of Ukraine to allocate cryptocurrencies such as Bitcoin as part of the national reserve, it does not force the institution to do so. This means that the Central Bank of Ukraine has the autonomy to make decisions on whether and how to include crypto assets in its reserves. Furthermore, the bill does not limit the amount of crypto assets that the National Bank of Ukraine can allocate. As Zherezniak said, “How to allocate, when to allocate and how much to allocate should be determined by the regulatory authorities themselves.”
From a global perspective, as the cryptocurrency market continues to develop, an increasing number of countries are beginning to re-examine the role of cryptocurrencies in their national financial systems. Some countries have already been exploring or implementing policies related to including crypto assets in national reserves. The bill submitted by Ukraine this time was born under such a global trend. For Ukraine, if this bill is smoothly passed and implemented, it may bring about multiple impacts.
On the one hand, from the perspective of financial stability, cryptocurrencies possess certain characteristics of resisting inflation and diversifying risks. Incorporating them into national reserves can, to a certain extent, help optimize the asset structure of national reserves and enhance the resilience of the financial system in response to external shocks. On the other hand, in terms of attracting investment, this move may send a signal to global investors that Ukraine is open to emerging financial technologies, thereby attracting more investments related to cryptocurrencies to enter Ukraine and promoting the development of the country’s digital economy.
However, including cryptocurrencies in national reserves also faces many challenges. The market price of cryptocurrencies fluctuates sharply, and the instability of their value may pose potential risks to national reserves. For example, the price of Bitcoin has experienced significant fluctuations in the past few years. Meanwhile, the regulatory framework in the cryptocurrency field is still in the process of continuous improvement on a global scale. In the process of implementing this bill in Ukraine, how to establish and improve the supporting regulatory measures to ensure the safe and compliant operation of crypto asset reserves is also an urgent problem to be solved.
Ukraine’s submission of the crypto Asset Reserve bill this time marks an important step forward in the country’s cryptocurrency policy field. The progress of the bill’s review and its implementation effect in the future will be closely watched by the global financial market and the cryptocurrency industry.
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