Ukraine’s Rada just pushed through the first draft bill to gather miscellaneous crypto assets into the National Bank Of Ukraine’s foreign & gold currency reserve. Notably, this opens doors for Bitcoin (BTC) to be used as a national treasury asset, while national bank-issued guidelines should establish how this is put in practice.
Ukraine Puts Bitcoin In The National Treasury
The bill card number 13356 solidifies Ukraine’s intentions to become a crypto hub, recognizing Bitcoin (BTC) & some alternative crypto currencies as fundamental to the war-torn country’s relief effort and the development of its financial infrastructure. For now, Ukraine holds 46,351 Bitcoins, based on data declared in December, 2024.
Certainly, the current Bitcoin holdings is over 7 times bigger than El Salvador’s Bitcoin reserve, despite the fact that the Latin American country has adopted BTC as legal cash since 2021. While the legal tender route was bumpy on many occasions, it’s clear that El Salvador is over $200 million up on the Dollar Cost Averaging (DCA) strategy.
Sponsored
In Ukraine’s case, the war-torn country received $4.8 billion in crypto donations since Russia started the war in February, 2024. Ironically, the Eastern European country saw the most donations during the bear market, as Bitcoin’s price was negatively affected by two financial fiascos in 2022, sending Bitcoin crumbling to $16K at one point after FTX’s ‘liquidity crunch’.
On The Flipside
- The digital assets addition bill is yet to be signed by President Zelensky’s office.
- Aside from Bitcoin, other highly popular cryptos in Ukraine could make the list.
- Based on demand, altcoins like Ether, XRP & Solana are reserve contenders.
Why This Matters
The sovereign crypto adoption initiative pivots the way for Ukraine to become a front-runner in the field, while solving some key socioeconomic issues along the way.
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Ukraine’s Bill 13,356 lets the National Bank hold Bitcoin and crypto as reserves, pushing BTC closer to official status. It’s a big win for adoption, fueled by $4.8B in war-time crypto donations!
With massive Bitcoin donations from the Russia-Ukraine conflict, Ukraine’s eyeing crypto to bolster its financial game. This move could spark more global BTC love!
The bill green-lights the National Bank to hold BTC but doesn’t lock it in as mandatory. It’s a step toward mainstream crypto, with more laws needed to seal the deal.
Binance’s regional boss, Kyrylo Khomiakov, helped craft the bill, showing major crypto players are all-in on Ukraine’s vision. This collab’s got X buzzing with bullish vibes!
X posts are lit, calling this a moonshot for Bitcoin’s adoption, so it might pump sentiment. HODL tight and watch for the bill’s final vote to catch the wave!
