The National Bank of Ukraine (NBU) has no intention of adding cryptocurrencies to the list of the country’s reserve assets, considering such instruments too risky and unstable to ensure the financial security of the state.
This is reported by Business • Media
NBU’s Position on Cryptocurrencies
First Deputy Chairman of the NBU, Serhiy Nikolaychuk, stated that the regulator does not plan to consider the possibility of including digital assets in its reserves. According to him, most cryptocurrencies are characterized by high volatility, which contradicts the fundamental principles of managing currency reserves, namely their stability, liquidity, and reliability.
“Sharp fluctuations in the value of such assets can negatively affect the overall volume of reserves,” Nikolaychuk noted.
He also emphasized that there is no unified classification or legal regulation of digital assets worldwide. While certain countries are experimenting with the inclusion of cryptocurrencies in their state reserves, such cases remain more of an exception than a general trend.
International Experience and Legislative Initiatives
Serhiy Nikolaychuk pointed out that the European Central Bank is also against the use of crypto assets in the reserves of central banks in EU countries. According to him, reserves must be as reliable, liquid, and protected from the unpredictable risks of digital assets as possible.
Moreover, the NBU representative stressed that adding cryptocurrencies to reserves contradicts the requirements of the Technical Memorandum within the framework of Ukraine’s cooperation with the International Monetary Fund.
On June 10, 2025, draft law No. 13356 was registered in the Verkhovna Rada, which provides for the possibility of storing crypto assets in the NBU’s reserves. At the same time, as Serhiy Nikolaychuk noted, the National Bank was not involved in consultations regarding this initiative.
In August, the head of the parliamentary committee on finance, tax, and customs policy, Danilo Hetmantsev, stated that the parliament does not plan to consider this draft law. According to him, after consultations with the NBU leadership, it became clear that there would be no support for this idea due to the high volatility of crypto assets.