National Bank of Ukraine rules out adding cryptocurrencies to state reserves

The National Bank of Ukraine has stated it will not include digital assets in the country’s reserves. The announcement was made by NBU First Deputy Governor Serhiy Nikolaychuk in an interview with Interfax-Ukraine.

He stressed that the high volatility of cryptocurrencies contradicts the principles of secure and stable reserve management. “Such price fluctuations can significantly affect the overall volume of assets,” Nikolaychuk noted.

He added that there is no unified global classification or legal framework for crypto assets, and instances of using them in reserves remain rare exceptions. The European Central Bank has also maintained that cryptocurrencies are unsuitable for central bank reserves in the EU.

Nikolaychuk further reminded that such proposals are inconsistent with the provisions of the Technical Memorandum under Ukraine’s program with the IMF.

On June 10, draft law No. 13356 was registered in the Verkhovna Rada, proposing to allow cryptocurrencies to be held in the NBU’s reserves. However, the central bank was not involved in its preparation. Later, Finance Committee head Danylo Hetmantsev confirmed that parliament does not intend to review the bill.