Our Terms & Conditions | Our Privacy Policy
War-torn Ukraine could be the first European country to launch a Strategic Bitcoin Reserve with Binance in tow after an MP revealed plans to submit a bill. While Ukraine has largely maintained a positive stance towards cryptocurrencies, the country is in the middle of sweeping digital asset reforms.
Ukraine Eyes Strategic Bitcoin Reserve Launch With Binance Support
Ukrainian MP Yaroslav Zhelezniak has confirmed plans to submit a bill before parliament for a Strategic Bitcoin Reserve. According to an Incrypted report, Zhelezniak will present the bill in the coming weeks on the floor of the House.
Per the report, the last hurdle for Zhelezniak is refining the text of the bill before its presentation. Zhelezniak doubles as the Deputy Chairman of the Committee on Finance, Tax and Customs Policy.
Back in February, the MP hinted at a draft law for a national cryptocurrency reserve, but now Zhelezniak is narrowing his focus to Bitcoin. His comments follow an incoming meeting between Conor McGregor and El Salvador’s president for an Irish Strategic Bitcoin Reserve.
“We will soon submit a draft law from the industry allowing the creation of crypto reserves,” said Zhelezniak in February.
Binance Declares Support For The Incoming Bill
Zhelezniak’s incoming bill has garnered the attention of Binance, with the international exchange reportedly angling to support the move. Head of Binance in CEE, Central Asia, and Africa, Kirill Khomakov, revealed that Binance will support the Strategic Bitcoin Reserve.
However, the Binance executive warns that the process for a reserve will be an uphill climb for Ukraine. Ukraine is in the process of creating robust legislation for its cryptocurrency industry, but a slow legislative process threatens to derail efforts.
“The creation of such a reserve will require significant changes in legislation, which indicates that this process will not be quick,” said Khomyakov.
Binance has been racking up a series of partnerships with governments across the globe to promote cryptocurrency adoption. Binance founder Changpeng Zhao previously urged Kyrgyzstan to add BTC to its national reserve after inking a multi-year partnership.
Ahead of the submission of the Strategic Bitcoin Reserve, Ukraine is pursuing a ceasefire with Russia. A Coingape report notes that the signing of a peace deal between Ukraine and Russia will stoke bullish sentiments in the cryptocurrency markets.
✓ Share:
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.