With the progress on crypto-related legislation from the Ukrainian Government, Bitcoin trading is about to experience a greater move. An important local e-bank, Monobank, plans to launch a BTC debit card to facilitate Bitcoin trading.
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Monobank is a Ukrainian online banking application. According to Oleg Gorokhovsky, the Co-Founder of Monobank, the e-bank has finished its pilot integration with a platform based on cryptocurrency trading.
Gorokhovsky said that Monobank plans on releasing the new product this month. All that is left for its final move is approval from the National Bank of Ukraine.
After its launch in 2017, Monobank is operating with the license of Universal Bank. A former central bank chief and ex-deputy prime minister of Ukraine, Sergey Tigipko owns Universal Bank.
From a report in August 2020, Monobank already has a user base that is more than 2.5 million customers. Gorokhovsky had already revealed that Monobank gets an average addition of three persons per minute.
According to the video from Mikhail Rogalsky, the co-founder of Monobank, a total of UAH 244 billion have replenished Monobank cards. It also indicated that over 500 thousand users for the branded service-moneybox from the time of its launch.
Authorities Show Confidence In Bitcoin
Gorokhovsky, also a former deputy board chairman at PrivatBank, earlier in the year revealed his confidence in Bitcoin.
From their own angle, the Ukrainian authorities are consistently dashing out series of cryptocurrency-related bills. Last Wednesday, the deputy minister of the Ministry of Digital Transformation, Oleksandr Boyakov, announced the recommendation of the authority.
He said that what is needed is the adoption of an upgraded bill in the second reading for the legislative. The drafted bill is “On the Virtual Assets.”
Ukraine’s Plans For Launching A Central Bank Digital Currency
The Ukrainian parliament on Wednesday passed a new law that will regulate payment processes and methods. The new legislation also concerns the regulations for the country’s Central Bank Digital Currency (CBDC).
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From the legislation, non-bank payment services were allowed to issue e-money and payment cards. Before now, it’s only the banks that can make such issuance to the public.
The legislation also gave the Ukrainian bank the sole authority of issuing the digital currency of the National Bank of Ukraine.
There will also be more transparency in the payment processes and methods. This will enable customers to get more information for every transaction they consummate.
Featured image from Pixabay, chart from TradingView.com