The National Bank of Ukraine explained its refusal to include bitcoin in reserves
Date: 2025-09-02 Author: Gabriel Deangelo Categories: IN WORLD
First Deputy Chairman of the National Bank of Ukraine Serhiy Nikolaychuk said in an interview with Interfax-Ukraine that most cryptocurrencies remain extremely volatile assets. He emphasized that sharp fluctuations in the value of virtual assets could negatively affect the volume and stability of the country's reserves.
According to Nikolaychuk, the lack of a unified classification and standard regulation of digital currencies creates additional risks. Including crypto assets in reserves could complicate the process of Ukraine's European integration. He noted that the European Central Bank is categorically against adding cryptocurrencies to the reserves of EU countries, since they must remain liquid, safe and reliable.
The official also emphasized that such changes do not meet the requirements of the Technical Memorandum under the Extended Fund Facility with the IMF.
Earlier, the head of the parliamentary committee on finance, tax and customs policy, Daniil Getmantsev, confirmed that there were no plans to adopt a bill on bitcoin reserves. He emphasized that the high volatility of cryptocurrencies makes such a step undesirable, and added that the bill would probably not have received the support of the regulator.
Bill No. 13356, proposing the inclusion of virtual assets in the gold and foreign exchange reserves of the National Bank, was registered in June 2025. However, when preparing the document, the authors did not consult with the regulator, which also influenced the decision to reject the initiative.
Experts emphasize that the use of proven instruments in reserves remains key to the stability of the national financial system. The introduction of high-risk assets such as bitcoin can lead to unpredictable consequences for the economy and undermine confidence in the banking system.
Thus, the position of the National Bank of Ukraine remains consistent: until there is a clear regulatory framework and international agreement on the circulation of cryptocurrencies, their use as a reserve asset is premature and potentially dangerous for the country's financial stability.
The situation shows that Ukraine prefers a cautious approach to digital assets, focusing on international standards and the requirements of large financial institutions such as the European Central Bank and the IMF.
The general opinion of experts is that any steps to include cryptocurrencies in reserves should be accompanied by a strict regulatory framework and a deep risk analysis, otherwise serious economic consequences are possible.
