Ukraine Bets Big on Bitcoin—First European Nation to Eye Crypto Reserves
Kyiv makes a high-stakes play to diversify national reserves with Bitcoin—while Wall Street still debates ETFs.
No more waiting for regulatory hand-holding: Ukraine’s pivot to crypto reserves cuts through bureaucratic paralysis. A defiant move or desperate hedge? Either way, it forces Europe’s risk-averse central bankers to sweat.
Bonus jab: Meanwhile, Goldman Sachs still can’t decide if crypto is ’rat poison’ or their next revenue stream.
Ukraine’s Drafting a Big Crypto Play
According to Yaroslav Zhelezniak, a Ukrainian lawmaker who helps oversee the country’s finance and tax policy, the draft law is almost done and will be submitted to parliament soon. The goal is pretty straightforward: give the National Bank of Ukraine the legal power to hold bitcoin and treat it like a serious reserve asset, not just something for tech bros and Twitter traders.
BREAKING: UKRAINE MP CONFIRMS HE WILL INTRODUCE BILL TO CREATE A NATIONAL STRATEGIC #BITCOIN RESERVE
UKRAINE WOULD HOLD AND NOT SELL 40,000 BTC. BULLISH
pic.twitter.com/ENeGp27ua8
— The Bitcoin Historian (@pete_rizzo_) May 14, 2025
This is about more than just passively storing Bitcoin in a digital wallet. It’s part of a broader attempt to build real laws around crypto ownership, management, and usage.
Right now, Ukraine has laws that legalize crypto, but there’s still no framework for how the government itself can actually use it.
Binance Is in the Room (Again)
Helping out behind the scenes is Binance, the crypto exchange that seems to have a backchannel to every government on the planet. They’re advising on how to shape the legislation so it makes sense and won’t blow up in anyone’s face later. Binance has done similar work in other countries, so they’re kind of the usual suspect when it comes to crypto policy consulting.
One big thing to note: this law can’t happen overnight. Ukraine’s legal system wasn’t exactly built with blockchains in mind, so there’s going to be a lot of fine-tuning before anything gets passed.
Why This Is a Big Deal Globally
Ukraine isn’t alone in flirting with Bitcoin on a national level. El Salvador made headlines by going all in. Bhutan was quietly stacking sats before anyone noticed. And some US cities have talked about holding crypto too. But Ukraine’s timing is unique. They’re considering this while dealing with war, inflation, and global economic pressure, and they still want to experiment with digital assets.
That’s not just bold. That’s a bet on Bitcoin being more than just a moonshot. They’re basically saying, “Hey, this might actually help us survive and stabilize.”
Ukraine’s Crypto History Runs Deep
If this feels sudden, it’s not. Since the war with Russia started, Ukraine has become one of the most crypto-native countries out there. They’ve raised over $100 million in crypto donations to help fund everything from defense to humanitarian aid. That real-world use case likely helped shift some mindsets in government, from “What is this magic internet money?” to “Maybe we should take this seriously.”
So What’s Next?
There are still lots of questions. Where would the Bitcoin be stored? Who would manage the keys? How do you deal with price swings in your national reserve? None of that’s easy. But the fact that Ukraine is asking those questions, and trying to write actual laws around them, is progress in itself.
Whether this ends up as a global example or a cautionary tale, it’s definitely one to watch.
Key Takeaways
- Ukraine is drafting a law to allow its central bank to officially hold Bitcoin in its national reserves, marking a potential first in Europe.
- The draft legislation, led by MP Yaroslav Zhelezniak, aims to create a legal framework for the government to manage and use crypto assets.
- Crypto exchange Binance is advising on the bill’s development, continuing its behind-the-scenes influence in global crypto policy.
- Ukraine’s push comes amid war and economic instability, making its embrace of Bitcoin a bold and strategic financial experiment.
- Ukraine has already raised over $100 million in crypto donations since the war began, deepening its status as one of the most crypto-native nations in the world.
