The National Bank of Ukraine has officially stated that it does not consider the possibility of including cryptocurrencies in the state reserves, as it deems these assets too risky. As emphasized by the First Deputy Governor of the NBU, Serhiy Nikolaychuk, the vast majority of cryptocurrencies are characterized by high volatility, which contradicts the fundamental principles of reserve management that require stability and security.
This is reported by Finway
Lack of Unified Standards and ECB’s Position
According to Nikolaychuk, there is still no unified classification and legal regulation of virtual assets at the international level. Some countries are experimenting with the use of digital assets in reserves, but these cases are rather exceptions. A representative of the NBU also stressed that the European Central Bank holds a similar position and does not recommend storing crypto assets in the reserves of central banks in EU countries.
“Sharp fluctuations in the value of such assets can negatively impact the overall volume of reserves,” Nikolaychuk noted.
Current Legislative Initiative and Regulator’s Reaction
In June 2025, draft law No. 13356 was registered in the Verkhovna Rada, which provides for the possibility of storing cryptocurrencies in the NBU’s reserves. At the same time, the National Bank did not participate in previous consultations on this issue. Serhiy Nikolaychuk emphasized that any changes in the structure of reserves must comply with the technical memorandum under the extended financing program with the International Monetary Fund.
The head of the parliamentary committee on finance, tax, and customs policy, Danilo Hetmantsev, previously indicated that the Verkhovna Rada does not plan to consider the mentioned draft law due to the disagreement of the NBU. The reason for this is the concern regarding the high volatility of crypto assets and the potential risk to the stability of state reserves.
The NBU emphasizes that the country’s reserves must remain liquid, reliable, and protected from excessive risks, which defines their approach to digital assets.