Ukraine to Create $5B Bitcoin Reserve with Binance’s Help
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Ukraine is on the verge of establishing a groundbreaking national Bitcoin reserve, potentially reaching 40,000 BTC (approximately $5 billion). This bold initiative, spearheaded by MP Yaroslav Zheleznyak, is nearing completion and enjoys significant parliamentary support. The reserve's foundation is built upon wartime crypto donations, with Binance, a leading cryptocurrency exchange, providing crucial advisory support and having previously contributed $10 million in humanitarian aid. This move underscores Ukraine's high crypto adoption rate and its innovative approach to fiscal resilience amidst the ongoing conflict with Russia. The proposed legislation prioritizes transparency and government oversight, including the use of secure cold wallet storage for the Bitcoin holdings. A proposed tax on digital assets (5-10%) aims to generate additional revenue for the national budget. Full crypto legalization is expected by early 2025. This initiative positions Ukraine as a global leader in government-level crypto adoption, offering a potential model for other nations. The strategy aims to bolster the country's financial stability, showcasing how cryptocurrency can provide an alternative to traditional finance, especially during times of crisis. The combination of wartime resilience, digital innovation, and strategic partnerships makes Ukraine's Bitcoin reserve a significant development in the global cryptocurrency landscape.
(Source: https://cryptodiamondhands.com/ukraine-bitcoin-reserve-mp-zheleznyak-binance/)
