Ukraine’s central bank warns against adding virtual assets to national reserves
The NBU warned that cryptocurrencies could undermine reserve security and conflict with IMF requirements under the Extended Fund Facility.
Ukraine’s National Bank (NBU) has ruled out adding cryptocurrencies to the country’s foreign currency reserves, calling the proposal premature and high-risk. First Deputy Governor Serhiy Nikolaychuk said crypto volatility could reduce reserves and threaten their security.
The central bank highlighted the lack of a global regulatory framework and unified classification for virtual assets. Including crypto, which could violate IMF rules and impede Ukraine’s EU integration.
The European Central Bank considers it unacceptable for member states to include crypto in their reserves.
A draft law filed with parliament earlier this year would have allowed the NBU to acquire cryptocurrencies if desired. However, lawmakers and central bank officials have expressed caution, citing the high volatility of digital assets and potential risks to national financial stability.
Ukraine has seen rising crypto use since Russia’s 2022 invasion. According to a recent UK think tank report, a lack of comprehensive regulation has led to significant losses from crypto-related crime.
Authorities are continuing to prioritise security and financial prudence over speculative digital holdings.
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