Ukraine’s Central Bank Explains Rejection of Bitcoin Reserves

Ukraine's central bank deems virtual assets too risky for reserves.

The decision to include virtual assets (VAs) in international reserves is premature, according to the First Deputy Chairman of the National Bank of Ukraine, Serhiy Nikolaychuk, in an interview with Interfax-Ukraine.

He noted that most cryptocurrencies are high-risk assets.

“Sharp declines and surges in the exchange value of VAs will negatively affect the overall volume of reserves,” the official emphasized.

In Nikolaychuk’s view, without clear classification and unified regulation of digital currencies, their inclusion in reserves could undermine Ukraine’s process of European integration.

“The European Central Bank has a clear position — it considers the inclusion of crypto assets in the reserves of EU central banks unacceptable. Reserves must be liquid, safe, and secure,” noted the NBU representative.

He added that such changes also do not meet the requirements of the Technical Memorandum under the extended financing program with the IMF.

Earlier, the head of the parliamentary committee on finance, tax, and customs policy, Danylo Hetmantsev, stated that there were no plans to adopt a bill on bitcoin reserves in Ukraine.

“The head of the National Bank and I do not support such steps, considering the high volatility of crypto assets. It seems to me that the authors of the bill also did not really expect support for the document from the regulator,” the MP said at the time.

Back in June 2025, bill No. 13356, which provides for the inclusion of VAs in the NBU’s gold and foreign exchange reserves, was registered. The authors of the document did not consult with the regulator when drafting it.