Categories: Finance

Ukrainian Monobank will launch a debit card with Bitcoin support

Ukrainian digital bank Monobank plans to launch a debit card this month to buy and sell bitcoin. The bank is awaiting permission from the National Bank of Ukraine (NBU).

Monobank co-founder Oleg Gorokhovsky announced the completion of the integration with the cryptocurrency trading platform, but did not indicate its name. This integration will allow Monobank customers to buy and sell bitcoin using a debit card. Its Monobank is preparing to launch at the end of this month, after receiving permission from the Central Bank of Ukraine.

Monobank was founded in 2017 and as of August 2020, the bank has a user base of over 2.5 million.

Previously, Gorokhovsky served as deputy chairman of the board of PrivatBank, one of the largest commercial banks in Ukraine. He expressed optimism about Bitcoin back in February, saying that Tesla’s $ 1.5 billion purchase of Bitcoin had finally convinced him of Bitcoin’s potential. Gorokhovsky also reported on personal investments in cryptocurrency and suggested that the price of bitcoin will reach $ 100,000 by 2022.

Meanwhile, the Ukrainian authorities are actively working on bills regarding the use of digital currencies in the country. Last week, Deputy Minister of Digital Transformation Alexander Bornyakov said that the updated bill “On Virtual Assets” could be adopted in the second reading. In addition, last week the Verkhovna Rada of Ukraine adopted a law “On payment services”, which briefly mentions the digital hryvnia.

Recall that recently about 650 American banks have also expressed their readiness to provide their customers with the opportunity to buy bitcoin. This is due to the growing interest of private and institutional investors in Bitcoin, despite the volatility of the cryptocurrency market.

Published by
Derek Black

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