In brief
- Ukraine is reportedly finalizing legislation to establish a national cryptocurrency reserve, joining countries like El Salvador, Bhutan, and the U.S..
- Ukraine already holds Bitcoin worth $4.8 billion primarily from war-effort donations, making it one of the world’s largest Bitcoin holders despite not having an official reserve yet.
- Early 2025 has seen several countries considering national Bitcoin reserves, with some moving forward (Czech Republic, U.S.) while others have rejected such plans (UK, Switzerland, South Korea, South Africa).
Ukraine may be planning a strategic state crypto reserve, according to reports by local media. If it follows through, it would potentially join nations like El Salvador, Bhutan, and the U.S.—who all already have reserves.
Yaroslav Zhelezniak, the country’s first deputy chairman of its Committee on Finance, Tax and Customs Policy, told local crypto publication Incrypted that he plans to submit a new bill for approval “in the near future,” claiming the bill is in the finalization stage.
Kirill Khomyakov, head of Binance in CEE, Central Asia and Africa, expressed broad support for the move. He told Incrypted it will “likely lead to greater clarity in the regulation of crypto assets in Ukraine.” However, he added that the “creation of such a reserve will require significant changes” in the country’s existing legislation.
The news shouldn’t come as immensely surprising—though Ukraine does not have an official Bitcoin reserve at the time of writing, the Ukrainian government has rapidly become one of the world’s largest Bitcoin holders.
Ukraine’s government now holds Bitcoin worth $4.8 billion, mainly as a result of private citizens using it to donate to the war effort, placing it just below China, the United Kingdom, and the U.S. in terms of overall holdings. It’s also consistently been one of the world’s top countries in terms of crypto adoption.
The reports come as Ukraine attempts to increasingly formalize its approach to crypto legislation. A 200-page draft bill governing the treatment of digital assets and how citizens should be taxed has been under consideration since late April of this year, though it’s reportedly been temporarily blocked and has not yet been discussed by the country’s parliament.
More nations eye national crypto reserves
Early 2025 has seen a glut of different countries propose strategic Bitcoin reserves—but many of these visions have been shot down well before ever coming into play.
Though White House strategists are apparently brainstorming “extremely creative” ways to stockpile Bitcoin in the near future, countries like Switzerland have had their central bankers push back against campaigns to add cryptocurrencies to national reserves.
Leaders in the UK, South Korea, and South Africa have also shot down strategic Bitcoin reserve plans over the past six months, with some, like South Africa’s central bank governor Lesetja Kganyago, citing risks of “regulatory capture” as a result of yielding to crypto lobbyists.
But many others, such as the Czech Republic, are going ahead with plans to stockpile Bitcoin at the national level.
Edited by Stacy Elliott.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
