Crypto Czar Ukraine?
Ukraine Contemplates Strategic Cryptocurrency Reserves - Sources Claim
Ukraine might be stepping into the world of digital currencies in a big way, according to recent reports. Backed by legislation in the final stages, Ukraine could become a key player in the crypto world, joining the ranks of nations like El Salvador, Bhutan, and even the USA – all of whom already have crypto reserves.
Yaroslav Zhelezniak, Ukraine's first deputy chairman of the Committee on Finance, Tax, and Customs Policy, is reportedly planning to introduce a new bill that will set up a national Bitcoin reserve. He's keen to get this bill approved "in the near future."
Kirill Khomyakov, head of Binance in CEE, Central Asia, and Africa, is optimistic about the move. He believes it will pave the way for clearer crypto asset regulation in Ukraine. However, Khomyakov points out that this ambitious plan will require significant changes to the country's existing financial laws.
It's no secret that Ukraine has a substantial amount of Bitcoin, even without an official reserve. With Bitcoin worth a staggering $4.8 billion in their coffers, courtesy of war-effort donations, Ukraine ranks among the world's largest Bitcoin holders.
These reports come at a time when Ukraine is aiming to bring more formality to its crypto legislation. A 200-page draft bill aimed at governing digital assets and taxation on crypto transactions has been under consideration since April. Although it's currently on hold, it's expected to be discussed in parliament soon.
Other countries are also exploring the idea of crypto reserves. While some, like the UK and South Korea, have rejected the idea, others, such as the Czech Republic, are pushing ahead with plans to accumulate Bitcoin at the national level.
So, watch this space! Ukraine might just become a global trendsetter in the world of digital currencies.
Edited by Stacy Elliott
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- Ukraine, with legislation nearing completion, could establish a national Bitcoin reserve, following nations like El Salvador, Bhutan, and even the USA in holding digital currencies.
- Yaroslav Zhelezniak, Ukraine's first deputy chairman of the Committee on Finance, Tax, and Customs Policy, seeks to introduce this bill promptly.
- Binance's head in CEE, Central Asia, and Africa, Kirill Khomyakov, is optimistic about the proposal, believing it will lead to clearer crypto asset regulation in Ukraine.
- Despite not having an official Bitcoin reserve, Ukraine ranks among the world's largest Bitcoin holders, holding Bitcoin valued at approximately $4.8 billion.
- Ukraine's crypto legislation is aiming to become more formal, with a 200-page draft bill regarding digital assets and taxation on crypto transactions under consideration since April.
- The Czech Republic is among other countries planning to amass Bitcoin at the national level, joining the global trend of crypto adoption, while nations like the UK and South Korea have rejected the idea.
