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The National Bank of Ukraine has granted Monobank permission to launch its Bitcoin debit card later this month.
As the Ukrainian government moves forwards with cryptocurrency legislation, a prominent local e-bank is planning to offer a debit card that would allow users to trade Bitcoin (BTC).
Ukrainian online banking application Monobank has completed a pilot integration with a cryptocurrency trading platform, Monobank co-founder Oleg Gorokhovsky announced Monday.
According to the CEO, the new connection would allow Monobank customers to purchase and sell Bitcoin using a debit card. According to Gorokhovsky, Monobank intends to launch the new function later this month, pending clearance from the National Bank of Ukraine.
Launched in 2017, Monobank operates under the license of Universal Bank owned by tycoon Sergey Tigipko, a former central bank chief and ex-deputy prime minister of Ukraine. As of August 2020, Monobank’s user base reportedly amassed over 2.5 million customers.
Gorokhovsky, who is also a former deputy board chairman of PrivatBank, Ukraine’s largest commercial bank, voiced his enthusiasm for Bitcoin earlier this year. In a February Facebook post, Gorokhovsky stated that Tesla’s $1.5 billion Bitcoin acquisition had convinced him that Bitcoin is here to stay. He also revealed a sizable personal interest in Bitcoin, forecasting that it will reach $100,000 by 2022.
Ukrainian authorities are steadily progressing with a set of digital currency-related bills. Oleksandr Bornyakov, deputy minister of the Ministry of Digital Transformation, announced last Wednesday that the authority recommended the adoption of an updated draft bill “On Virtual Assets” in the second reading.
On Wednesday, the Ukrainian parliament also passed new legislation regulating payment methods, including regulations regarding Ukraine’s central bank digital currency.