Ukraine Bitcoin Reserve Bill Announced with Binance Support

Ukraine Bitcoin Reserve Bill Announced with Full Support from Binance

Ukraine is going ahead with creating and launching its national Strategic Bitcoin reserve. As per the recent announcement from government officials, a new bill is being ready that would enable the country to hold BTC as a strategic reserve. Ukraine wants to modernize its money system and use digital assets. 

Ukraine’s Government Prepares New Crypto Bill

Yaroslav Zhelezniak, who is the First Deputy Chairman of Ukraine’s Tax, Finance, and Customs Policy Committee, confirmed that he is finalizing a bill that could soon be submitted to parliament. This bill would officially allow the government to create and manage a Bitcoin reserve.

Back in February, he had signaled a similar proposal but did not provide much details. Now, the plan is looking to be taking shape. 

Binance Shows Full Support for Ukraine’s Bitcoin Vision

Binance, one of the largest crypto exchanges at the global level, is in support of this Bitcoin Reserve bill. Kirill Khomyakov, the regional head for Central and Eastern Europe of Binance, said the exchange is ready to promote this goal of Ukraine, developing a national Bitcoin reserve. The coin is currently trading at $102,391, with a market cap of $2.03 Trillion as per the CoinMarketCap. 

However, Khomyakov warned that setting up the fund would require serious alterations in the current laws of the country. He noted that this would not be a fast process, but added that it is a positive move, as it will likely bring more clarity to crypto regulations in the nation.

Regulatory Progress and Challenges

The nation has been making efforts on crypto laws for quite a while. In April, the Finance Committee of the nation approved a draft law about digital assets. It was anticipated to be put in the parliament for a vote. But recently, that bill was withdrawn due to disagreements with the National Securities and Stock Market Commission. 

After this setback too, the Commission gave 80 recommendations to enhance the draft. It  showcases that the regulatory process for this bill is still moving ahead. 

What a Bitcoin Reserve Could Mean for Ukraine

If this draft gets converted into law, the country could become the first European country to hold BTC in a national fund. It could make Ukraine a leader in cryptocurrency adoption and offer the country more financial strength, specifically during the times of crisis. 

Binance has already assisted other countries to think about such implementations. In the past, the organisation has pushed Kyrgyzstan to add Bitcoin to the reserve and has signed several collaborations with governments across the globe. 

Final Thoughts

The step by the government of the nation to develop a BTC fund is a bold move towards the country’s future in finance. With Binance supporting the idea, the strategy also has strong support from the industry. If this law gets cleared in the parliament, it could transform the country into a global attraction for crypto innovations. The next few weeks will be critical as the government prepares to submit the bill.