The bombshell news of the Ukrainian government potentially setting up a Bitcoin reserve, the first in Europe of such kind, struck the markets this Thursday. Ukrainian Member of Parliament (MP) Yaroslav Zhelezniak is moving to introduce legislation that would allow a national Bitcoin (BTC) reserve to happen in the near future.
Ukraine Picks Binance For Bitcoin Book-Keeping
Ahead of the negotiational meeting in Istanbul, Turkey, the news thundered in that Ukraineโs strategic Bitcoin reserve will most likely be powered by Binance. The globeโs biggest crypto exchange is prevalent in the war-torn country, offering an alternative to adhesive banking routes during a very time-sensitive episode in Ukraineโs history.
Mr. Zhelezniak, the MP who declared the Bitcoin reserve pitch up for legislation, is also the First Deputy Chairman of the Committee on Finance, Tax & Customs Policy. Even though the Bitcoin vault plans were initially disclosed back in February, the details were rather vague & the first draft was rejected by the Stock Market Commissionโs Chair Ruslan Magomedov.
When Is Ukraineโs Bitcoin Reserve Rolling Out?
Now, as Ukraineโs President Volodymyr Zelensky is solving multiple global issues with Turkeyโs President Mr. Erdogan, itโs unknown when the crypto reserve bill is granted approval. On the other hand, the vault move could be an urgent one.
Certainly, the roll-out of an official Ukrainian Bitcoin (BTC) vault could play a crucial role in the ongoing war against Russia, claims Deputy Chairman Yaroslav Zheleznyak. Official Bitcoin donations to the Ukrainian government & military forces could have an unprecedented impact, while Binance expressed support as a long-term partner in the ongoing struggle.
On The Flipside
- Kirill Khomyakov, Head of Binance in Central Eastern Europe, shared his presumption that the process of setting up Ukraine’s national Bitcoin reserve will be a long one.
- He cited unclear crypto regulation on many occasions in Ukraine, even though Ukrainians are among the quickest adopters of blockchain technology around the globe.
Why This Matters
Ukraineโs pledge to become the first European country with a national Bitcoin reserve could assist the rebuilding of the war-torn country once a peace treaty is signed.
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