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The National Bank of Ukraine does not support the creation of a crypto reserve
Nikolaychuk called the vast majority of cryptocurrencies volatile assets with a high level of risk, while the main principle of managing international reserves should be the security of funds. Sharp falls and jumps in the exchange rate of crypto assets can reduce the total volume of reserves, Nikolaychuk explained.
He added that there is still no clear understanding among global regulators on how to regulate cryptocurrencies. The official referred to earlier statements by the European Central Bank (ECB), which refused to recognize Bitcoin as a reserve currency. Nikolaychuk also considers the inclusion of crypto assets in state strategic reserves unacceptable.
“The European Central Bank has taken a fairly clear position. It is against the creation of a cryptocurrency reserve. This is because state reserves must be liquid, safe, and reliable,” Nikolaychuk said.
In August, Danylo Getmantsev, chairman of the Verkhovna Rada's Committee on Finance, Tax and Customs Policy, said that the bill on the creation of a crypto reserve introduced in June is unlikely to be passed by parliament. This is because the NBU is exploring the possibility of legalizing crypto assets but is not ready to recognize them as a means of payment. Last year, the founder of the KUNA crypto exchange accused the Ukrainian central bank of destroying the crypto market due to restrictions on the purchase and sale of digital assets for hryvnia.
See also: "Nigeria and South Africa have become the largest stablecoin markets in Africa"
