Ukraine Considers Creating a National Cryptocurrency Reserve: A New Step in Digital Economy Policy
Kyiv, May 2025 — Ukraine is preparing to take a major step in its digital economy strategy: creating a national strategic cryptocurrency reserve, according to local media reports.
Yaroslav Zhelezniak, First Deputy Chairman of the Ukrainian Parliament’s Finance, Tax and Customs Policy Committee, confirmed to Incrypted magazine that a bill on the matter is in the final stages and will be submitted in the near future. The move, if passed, would put Ukraine in the ranks of countries like El Salvador, Bhutan and the United States — which have officially held Bitcoin as part of their national reserves.
Ukraine: “The Silent Bitcoin Powerhouse”
Despite having no official reserves, Ukraine already holds $4.8 billion worth of Bitcoin, largely through donations during its war with Russia. Data from blockchain analytics firm Elliptic shows that more than 89,000 cryptocurrency transactions were sent to wallets run by the government and NGOs, totaling more than $50 million, in the early stages of the conflict alone.
The legalization and institutionalization of digital assets is a matter of time, as Ukraine has long been one of the countries with the highest levels of cryptocurrency adoption in the world.
International Support and Challenges
Speaking to Incrypted, Kirill Khomyakov, Binance’s Director for Central and Eastern Europe, Central Asia and Africa, praised the initiative. He said it could “provide clarity in the legal framework for digital assets in Ukraine,” but warned that “major changes are needed in the current legal system.”
In parallel with the reserve plan, Ukraine is also in the process of finalizing a 200-page bill on the regulation and taxation of digital assets, although the approval process is delayed.
Global Race: Who Will Own the Most Bitcoin?
Ukraine is not alone in this trend. In early 2025, many countries were openly considering holding Bitcoin as a strategic asset. While the Czech Republic and the United States continued to push for reserve policies, countries such as the UK, Switzerland, South Korea, and South Africa decided not to participate due to concerns about legal risks and pressure from lobbying groups.
In the US, Bo Hines, a senior advisor to the President’s Council on Digital Assets, compared the current Bitcoin accumulation race to the “space race”, emphasizing that digital assets are gradually becoming an indispensable part of the long-term fiscal policy of countries.
Currently, the US government holds about 2.3% of the total Bitcoin supply, most of which was seized from criminal activities and property auctions.
The future of digital assets in national finance
Ukraine’s consideration of establishing a cryptocurrency reserve marks an important strategic shift in the country’s financial and monetary policy. In a context where traditional forms of assets such as gold or foreign currencies are facing many uncertainties, Bitcoin and other digital assets are seen as a flexible, secure reserve channel with high potential for long-term profit.
If passed, the new bill would not only lay the foundation for Ukraine’s digital financial stability, but also help the country continue to assert its position as a pioneer in the global blockchain revolution.