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With the advancement of crypto legislation from the Ukrainian government, Bitcoin trading is poised to experience a bigger movement. A major local electronic bank, Monobank, plans to launch a BTC debit card to facilitate Bitcoin trading.
Related reading | ‘Bitcoin King’ arrested for allegedly embezzling $ 300 million
Monobank is a Ukrainian online banking application. According to Oleg Gorokhovsky, co-founder of Monobank, electronic banking has completed its pilot integration with a platform based on cryptocurrency trading.
Gorokhovsky did that ad Monday. Additionally, he revealed that thanks to this new integration, Monobank users can buy and sell BTC using a debit card.
Gorokhovsky said Monobank plans to launch the new product this month. All that remains for his final move is the approval of the National Bank of Ukraine.
After his launch in 2017, Monobank operates under license from Universal Bank. Former head of the central bank and former deputy prime minister of Ukraine, Sergey Tigipko is the owner of the Universal Bank.
According to an August 2020 report, Monobank already has a user base of over 2.5 million customers. Gorokhovsky previously revealed that Monobank gets an average addition of three people per minute.
According to the video by Mikhail Rogalsky, the co-founder of Monobank, a total of 244 billion UAH replenished Monobank cards. He also reported that more than 500,000 users for the branded service piggy bank since its launch.
Authorities trust Bitcoin
Gorokhovsky, also a former vice chairman of the board of PrivatBank, revealed his confidence in Bitcoin earlier in the year.
Bitcoin is struggling to break the $35k mark as the bulls try to take control over the market | Source: BTCUSD on TradingView.com
Gorokhovsky mentioned in his February Facebook post that Bitcoin has come to stay. He said his evidence and belief came from Tesla’s purchase of 1.5 billion BTC.
In addition, he revealed his considerable personal stake in BTC. He also predicted that BTC would hit $ 100,000 by 2022.
From their own perspective, Ukrainian authorities are constantly rushing round a series of cryptocurrency-related bills. On Wednesday, the Deputy Minister of the Ministry of Digital Transformation, Oleksandr Boyakov, announced the recommendation of the authority.
He said what is needed is the passage of an improved second reading bill for legislative elections. The bill is “On Virtual Assets”.
Ukraine’s plans to launch a central bank digital currency
Ukraine’s parliament on Wednesday passed a new law that will regulate payment processes and methods. The new legislation also covers the regulation of the country’s central bank digital currency (CBDC).
Related reading | Aave will present the authorized deployment for institutions later in July
Under the law, non-bank payment services were allowed to issue electronic money and payment cards. So far, only banks can make such issues to the public.
The legislation also gave the Ukrainian bank the exclusive power to issue the digital currency of the National Bank of Ukraine.
There will also be more transparency in payment processes and methods. This will allow customers to get more information for each transaction they make.
Featured image from Pixabay, chart from TradingView.com
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