The Ukrainian government progresses with crypto-related legislation, a huge local e-bank is preparing to launch a debit card that consists of Bitcoin (BTC) trading. Monobank, a Ukrainian online banking app, has reportedly completed a test pilot integration with a crypto trading platform, according to co-founder Oleg Gorokhovsky July 5 announcement.
The new integration will ensure that Monobank users can buy and sell Bitcoin with a debit card. Monobank anticipates the release of new features later in the month pending official unveiling and approval from the National Bank of Ukraine, Gorokhovsky explained.
Monobank was launched in 2017 and it operates under the license of Universal Bank that is wholly owned by tycoon Sergey Tigipko. Tigipko is a former central bank chief and also ex-deputy prime minister of Ukraine. By August 2021, Monobank’s user base allegedly amassed more than 2.5 million customers.
Monobank’s Gorokhovsky expressed his optimism about Bitcoin earlier in 2021. He is a former deputy board chairman at Privatbank, which is the biggest commercial bank operating in Ukraine.
In a February Facebook post, Gorokhovsky said that Tesla’s $1.5 billion Bitcoin acquisition finally convinced him to think that Bitcoin is here to operation for the long term. He also revealed a considerable personal stake in Bitcoin, forecasting that BTC will hit $100,000 by 2022.
The Ukrainian authorities and regulators are strongly progressing with several digital currency-related bills. The deputy minister of the Ministry of Digital Transformation, Oleksandr Bornyakov, announced on June 30 that the authority recommended the adoption of a recently updated draft bill “On Virtual Assets” in the second reading.
On June 30, 2021, the Ukrainian parliament also passed new legislation regulating payment strategies, including the regulations about Ukraine’s central bank digital currency (CBDC).