Central Banks Worldwide Reject Crypto Reserves: Ukraine's Parliamentary Panel Follows Suit on Draft Legislation

The push to establish cryptocurrency holdings as part of national reserves faces mounting resistance from monetary authorities across the globe. Ukraine’s parliamentary finance committee has joined the international skepticism, effectively closing the door on Bill No. 13356 that would authorize such measures.

International Consensus Against Digital Asset Reserves

Foreign central banks have already set a clear precedent. ECB President Christine Lagarde emphasized in early 2025 that official reserves must maintain liquidity, credibility, and transparency to avoid suspicions of illicit activity. The Swiss National Bank’s leadership echoed this position, citing the unsuitability of cryptocurrencies due to their price fluctuations and insufficient liquidity for preserving reserve value.

This global hesitation reflects a broader concern among monetary authorities about integrating volatile digital assets into formal central banking operations, even as blockchain technology and decentralized finance continue to evolve in scope and complexity.

Ukraine’s Parliamentary Shift on Crypto Draft Law

Danylo Hetmantsev, who chairs Ukraine’s Parliamentary Committee on Finance, Taxation and Customs Policy, revealed that the Verkhovna Rada will not advance the crypto reserve proposal. His statement followed consultations with the National Bank of Ukraine (NBU), which concluded that digital asset volatility makes reserve inclusion inadvisable.

According to Hetmantsev, the draft law’s proponents likely anticipated minimal enthusiasm from the central bank from the outset. The prospect of parliamentary approval now appears remote given the lack of regulatory backing.

Origins of the Legislative Initiative

The draft bill, introduced in June by a group of MPs spearheaded by Yaroslav Zheleznyak, proposed granting the NBU discretionary authority to incorporate virtual assets into Ukraine’s reserve portfolio—without mandating such action. Zheleznyak had initially signaled the draft’s preparation in February 2025, predicting parliamentary registration within months.

Despite generating discussion at venues like the Incrypted Conference 2025, the proposal never gained sufficient momentum. The convergence of domestic central bank resistance and international regulatory doubt appears to have sealed its fate, leaving Ukraine aligned with the cautious stance adopted by peers in Europe and beyond.