The National Bank of Ukraine (NBU) has voiced its opposition to the idea of including cryptocurrencies in the country's international reserves, arguing that it may undermine integration with the European Union and contradict IMF requirements.
Reasons for NBU's Refusal
First Deputy Governor Serhiy Nikolaychuk stated that the majority of cryptocurrencies are high-risk assets. He noted that reserves should be safe and liquid. Nikolaychuk added: > "Sharp swings in the value of virtual assets would negatively affect the overall size of reserves."
Cryptocurrencies and EU Integration
Nikolaychuk also emphasized that adding crypto assets to reserves could undermine Ukraine's integration with the European Union. He pointed out that the European Central Bank has a clear position: > "It considers it unacceptable to include crypto assets in the reserves of EU member states’ central banks."
Consequences for Ukraine
This refusal to include cryptocurrencies in reserves may complicate the situation as crypto asset usage in Ukraine has been rising amid war. However, the NBU stresses that the bill allowing cryptocurrencies in reserves was not discussed with the bank. According to Nikolaychuk, such steps contradict IMF requirements.
Thus, the NBU opposes the introduction of cryptocurrencies into its reserves due to their risks and potential negative impact on Ukraine's strategic economic goals.
