Ukrainian policymakers have proposed a new bill that would allow the National Bank of Ukraine (NBU) to hold cryptocurrencies like Bitcoin (BTC) in its reserves. The move marks another significant milestone for the crypto industry.
Ukraine To Join The Global Cryptocurrency Movement
The ongoing Russo-Ukrainian conflict has seen increased use of cryptocurrencies on the Russian side. Russia began to increase its crypto usage after being sanctioned by Western countries. Bitcoin (BTC) has become a standard for countries barred from using the dollar.
According to a Telegram post by People’s Deputy Yaroslav Zheleznyak, “Ukraine may have its own crypto reserve. Such an initiative has been registered. According to the bill, we give the National Bank the right to include virtual assets in the reserves of Ukraine. At the same time, the decision on how, when, and how much should be made by the regulator itself. That is, we do not oblige and leave it to their professional choice.“
Will Other Countries Follow Suit?
Ukraine’s latest bill is yet to be approved by the NBU. If successfully implemented, Ukraine will be the latest nation to join the growing list of countries pushing for strategic reserves. The United States, El Salvador, Switzerland, and Brazil are some countries setting up digital asset reserves. Zheleznyak also highlighted the growing global recognition of digital assets in his Telegram post.
Also Read: Russia Explores Crypto Payments For Grain Exports To Dodge Sanctions
The cryptocurrency space has seen incredible growth over the last few years. Bitcoin (BTC) is perhaps the best-performing asset of the last decade and a half. Ukraine may be securing a possible digital future. BlackRock CEO Larry Fink also stated in a letter to shareholders that the US dollar may not reign supreme forever. Fink believes digital currencies like Bitcoin (BTC) could become the next global currency. Ukraine’s decision may help it weather the current storm.