In a move that feels both futuristic and kinda inevitable, Ukraine is working on a law that would let it officially hold Bitcoin as part of its national reserves. If they pull this off, they’ll be one of the first countries in Europe to go beyond crypto-friendly buzzwords and actually put digital assets to work at the government level.
According to Yaroslav Zhelezniak, a Ukrainian lawmaker who helps oversee the country’s finance and tax policy, the draft law is almost done and will be submitted to parliament soon. The goal is pretty straightforward: give the National Bank of Ukraine the legal power to hold Bitcoin and treat it like a serious reserve asset, not just something for tech bros and Twitter traders.
https://twitter.com/pete_rizzo_/status/1922699092423053511?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow
This is about more than just passively storing Bitcoin in a digital wallet. It’s part of a broader attempt to build real laws around crypto ownership, management, and usage.
Right now, Ukraine has laws that legalize crypto, but there’s still no framework for how the government itself can actually use it.
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Helping out behind the scenes is Binance, the crypto exchange that seems to have a backchannel to every government on the planet. They’re advising on how to shape the legislation so it makes sense and won’t blow up in anyone’s face later. Binance has done similar work in other countries, so they’re kind of the usual suspect when it comes to crypto policy consulting.
One big thing to note: this law can’t happen overnight. Ukraine’s legal system wasn’t exactly built with blockchains in mind, so there’s going to be a lot of fine-tuning before anything gets passed.
Ukraine isn’t alone in flirting with Bitcoin on a national level. El Salvador made headlines by going all in. Bhutan was quietly stacking sats before anyone noticed. And some US cities have talked about holding crypto too. But Ukraine’s timing is unique. They’re considering this while dealing with war, inflation, and global economic pressure, and they still want to experiment with digital assets.
That’s not just bold. That’s a bet on Bitcoin being more than just a moonshot. They’re basically saying, “Hey, this might actually help us survive and stabilize.”
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If this feels sudden, it’s not. Since the war with Russia started, Ukraine has become one of the most crypto-native countries out there. They’ve raised over $100 million in crypto donations to help fund everything from defense to humanitarian aid. That real-world use case likely helped shift some mindsets in government, from “What is this magic internet money?” to “Maybe we should take this seriously.”
There are still lots of questions. Where would the Bitcoin be stored? Who would manage the keys? How do you deal with price swings in your national reserve? None of that’s easy. But the fact that Ukraine is asking those questions, and trying to write actual laws around them, is progress in itself.
Whether this ends up as a global example or a cautionary tale, it’s definitely one to watch.
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The post Ukraine Eyes Bitcoin for National Reserves in First-for-Europe Move appeared first on 99Bitcoins.
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