The National Bank of Ukraine (NBU) officially explained the refusal to create a national bitcoin reserve, which was previously discussed in draft laws. According to NBU representatives, cryptocurrencies, in particular $BTC , do not meet the criteria for stable assets for state reserves. 'Bitcoin is a highly volatile asset that cannot serve as a reliable tool for ensuring financial stability,' said NBU Chairman Andriy Pyshny in an interview for the media on September 1, 2025.
The initiative to create a bitcoin reserve emerged in May 2025, when MP Yaroslav Zheleznyak announced a draft law from the crypto industry. The goal is to diversify reserves, protect against inflation, and attract investments, positioning Ukraine as an innovative state. However, the NBU emphasized the risks: the volatility of bitcoin can lead to significant losses, and regulatory challenges complicate safe storage. International financial institutions, such as the IMF, are also skeptical of such ideas, demanding a focus on traditional assets.
The NBU emphasizes the priority of maintaining international reserves at over $40 billion, which ensures the stability of the hryvnia amid the war. Instead of crypto, the regulator focuses on gold, government bonds, and currency instruments. 'We are not against cryptocurrencies as part of the economy, but reserves are about security, not speculation,' added Pyshny. This refusal aligns with global trends: only El Salvador experiments with bitcoin, but with mixed results.
For Ukraine, where the crypto market is actively developing (over 5 million users), this solution stimulates private investment while avoiding state risks. Experts predict that the NBU will continue the liberalization of crypto regulations, but without integration into reserves. In times of instability, the traditional caution of the NBU is justified.
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