Crypto Money Will Last, Ukraine Ready To Launch Bitcoin Credit Card

Bitcoin trading credit card ready to launch in Ukraine. (photo: unsplash)

JAKARTA - As digital technology advances, the Ukrainian government has begun to make laws regarding cryptocurrencies. Meanwhile, the country's major e-banks are preparing to launch debit cards featuring Bitcoin (BTC) trading.

On Monday, July 5, Monobank co-founder Oleg Gorokhovsky announced that the Ukrainian online banking application Monobank has completed a pilot integration with the cryptocurrency trading platform.

According to the bank executive, the new integration will allow Monobank users to buy and sell Bitcoin with a debit card. Monobank expects to release the new features later this month pending approval from the National Bank of Ukraine.

Monobank was launched in 2017 and operates under the license of Universal Bank, which is owned by tycoon Sergey Tigipko. He is the former head of the central bank and the former Deputy Prime Minister of Ukraine. As of August 2020, Monobank's user base has reportedly amassed over 2.5 million subscribers.

Gorokhovsky of Monobank, who is also the former vice-chairman of the board at PrivatBank, Ukraine's largest commercial bank, expressed his optimism about Bitcoin earlier this year.

In a Facebook post in February, Gorokhovsky said that Tesla's USD 1.5 billion purchase of Bitcoin had finally convinced them to believe Bitcoin would still exist.

He also disclosed substantial private ownership in Bitcoin. It even predicts that BTC will reach USD 100.000 (IDR 1.4 billion) by 2022.

Ukrainian authorities are also continuing to develop a series of bills related to digital currency. Oleksandr Bornyakov, Deputy Minister of the Ministry of Digital Transformation, announced last Wednesday that the authorities recommended the adoption of an updated draft law "On Virtual Assets".

On Wednesday, June 30, Ukraine's parliament also passed a new law regulating payment methods, including regulations regarding digital currencies at Ukraine's central bank.