Ukrainian lawmakers have introduced draft bill 13356 to the Verkhovna Rada, proposing amendments to permit the National Bank of Ukraine (NBU) to include cryptocurrencies like Bitcoin in its state reserves, a strategic move to enhance economic stability during the ongoing Russia-Ukraine conflict.
Submitted on June 10, the legislation reflects Ukraine’s innovative approach to navigating wartime fiscal challenges, positioning crypto as a potential hedge against currency depreciation and economic volatility.
Crypto as a Financial Lifeline
Bill 13356, which grants the NBU discretionary authority to acquire crypto assets without mandating immediate action, is designed to modernize Ukraine’s reserve strategy amid wartime economic pressures.
The ongoing conflict, now in its third year, has strained Ukraine’s economy, with the hryvnia depreciating by over 20% since 2022 and inflation projected at 8% for 2025, according to the International Monetary Fund.
By including Bitcoin alongside gold and foreign currencies, the NBU could diversify its $40 billion reserve portfolio, potentially mitigating risks from traditional asset volatility. “Crypto reserves offer a tool to stabilize our economy under extraordinary circumstances,” said Yaroslav Zhelezniak, a Verkhovna Rada member, in a Telegram statement, emphasizing the bill’s role in integrating Ukraine into global financial innovations.
However, the NBU’s cautious approach reflects concerns about Bitcoin’s price fluctuations, which saw a 10% drop in Q1 2025, per CoinMarketCap data.
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Navigating Wartime Fiscal Challenges
The bill emerges as Ukraine seeks creative financial tools to fund its war effort and reconstruction, estimated to cost $500 billion by the World Bank. Crypto’s inclusion in reserves could enhance Ukraine’s ability to attract international aid and private investment, building on its history of accepting crypto donations over $100 million since 2022, according to Chainalysis.
Binance’s advisory role in drafting the bill underscores Ukraine’s collaboration with global crypto leaders to bolster its financial strategy.
Yet, challenges remain, including potential Western sanctions on crypto transactions and a proposed 5-10% crypto income tax to generate wartime revenue, which could deter adoption.
Kyrylo Khomiakov of Binance expressed that the bill strikes a balance between innovation and prudence, highlighting its potential to establish a precedent for wartime economies.
Ukraine’s proactive stance, if passed, could make it the first European nation to formalize a strategic crypto reserve, aligning with its April 2025 virtual assets law.
Attracting Global Crypto Investment
Bill 13356 could position Ukraine as a magnet for international crypto investment, signaling to institutional investors that the country is open to blockchain innovation despite wartime constraints.
The legislation complements Ukraine’s efforts to establish a regulated crypto market, with the National Securities and Stock Market Commission reporting a 15% increase in registered crypto exchanges in 2024.
By allowing the NBU to hold crypto, Ukraine could attract firms like Coinbase and Kraken, which are expanding in Europe, potentially creating jobs and boosting tax revenue. However, geopolitical risks, including sanctions and Russia’s control over key Ukrainian territories, may deter some investors.
“Ukraine’s crypto reserve plan is bold, but execution will depend on global trust,” said Olena Pavlenko, a financial analyst at Kyiv School of Economics, who pointed out the importance of transparent reserve management.
Strengthening Resilience Against Sanctions
Incorporating crypto into state reserves could provide Ukraine with a strategic buffer against international sanctions and financial isolation, a critical concern given Russia’s use of alternative payment systems to evade restrictions.
Bitcoin’s decentralized nature allows transactions outside traditional banking systems, offering Ukraine a potential channel for cross-border trade and aid. The bill’s flexibility, allowing the NBU to decide allocation timing and volume, mitigates risks of overexposure to crypto volatility.
Yet, regulatory pushback from the EU, which tightened crypto oversight in 2025, could complicate implementation. “Crypto reserves could be a lifeline if sanctions intensify, but alignment with allies is key,” said Petro Bilyk, a contributor to the bill from Juscutum Legal Engineering.
Did you know?
Ukraine has received over $100 million in crypto donations since the Russia-Ukraine conflict began in 2022, making it one of the largest recipients of blockchain-based aid, according to Chainalysis.
Enhancing Ukraine’s Monetary Sovereignty
By authorizing the NBU to hold crypto assets, Bill 13356 could strengthen Ukraine’s monetary sovereignty, reducing reliance on foreign currencies like the U.S. dollar, which dominates its $40 billion reserves.
Amid wartime disruptions, including restricted access to SWIFT for some Ukrainian banks, Bitcoin offers an alternative for international settlements, particularly with crypto-friendly nations.
The bill’s discretionary framework allows the NBU to experiment cautiously, potentially allocating 1-2% of reserves to crypto, as suggested by Binance advisors. However, public skepticism, fueled by Bitcoin’s 15% volatility in 2025, poses political risks.
“This move could redefine how Ukraine manages its finances,” said economist Taras Kozak, though he warned of the need for robust risk management.
Supporting Post-War Reconstruction
The crypto reserve bill aligns with Ukraine’s long-term vision for post-war reconstruction, leveraging blockchain to attract global capital for rebuilding infrastructure.
With reconstruction costs estimated at $500 billion, crypto reserves could facilitate tokenized asset markets, enabling fractional ownership of rebuilt assets like energy grids.
The bill’s passage could accelerate Ukraine’s integration into global crypto markets, building on its April 2025 virtual assets law. Yet, the conflict’s uncertainty, with no peace deal finalized, complicates implementation.
“Crypto could fund Ukraine’s future, but stability is a prerequisite,” said Danylo Hetmantsev, a Verkhovna Rada tax committee head, emphasizing the bill’s forward-looking potential.
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