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The National Bank of Ukraine (NBU) has stated that including virtual assets like Bitcoin in its international reserves is premature. First Deputy Governor Serhiy Nikolaychuk cited the high-risk nature of most cryptocurrencies, emphasizing that sharp price fluctuations would negatively impact the overall reserve volume. This decision aligns with a cautious approach to digital assets, prioritizing liquidity, security, and stability in reserve management.
Key Takeaways
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The NBU deems the inclusion of virtual assets in international reserves premature.
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Cryptocurrencies are considered high-risk assets due to their volatility.
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Lack of clear classification and unified regulation for digital currencies is a concern.
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The NBU's stance aligns with the European Central Bank's position on crypto in central bank reserves.
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Inclusion of crypto would not meet requirements of the IMF's extended financing program.
Volatility and Risk Assessment
Serhiy Nikolaychuk explained that the inherent volatility of cryptocurrencies poses a significant risk to the stability of Ukraine's international reserves. "Sharp drops and surges in the exchange rate of virtual assets will negatively affect the overall volume of reserves," he stated in an interview with Interfax-Ukraine. This volatility makes it difficult to maintain the predictable value and security expected of national reserves.
Regulatory and Integration Challenges
Nikolaychuk also highlighted the absence of a clear classification and unified regulation for digital currencies as a major obstacle. He believes that incorporating such assets into reserves could hinder Ukraine's eurointegration process. The NBU's position mirrors that of the European Central Bank, which considers the inclusion of crypto assets in the reserves of EU member states' central banks unacceptable. Reserves, according to the NBU, must be liquid, safe, and protected.
IMF Program and Legislative Stance
Furthermore, the decision is consistent with the requirements of the Technical Memorandum of Understanding within the extended financing program with the International Monetary Fund (IMF). Any changes to reserve composition would need to align with these international commitments. Previously, Danylo Hetmantsev, head of the parliamentary committee on finance, tax, and customs policy, had also indicated that there were no plans to adopt a bill for Bitcoin reserves. He, along with the head of the NBU, did not support such moves due to the high volatility of crypto assets. A bill, №13356, proposing the inclusion of virtual assets in the NBU's gold and foreign exchange reserves, was registered in June 2025, but its authors did not consult with the regulator during its drafting.
Sources
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