As Ukraine’s government makes continual progress regarding the release of its digital currency regulations, one of the top e-banks (Monobank) is planning to release a bitcoin debit card for crypto trading.
Monobank Partners with A Crypto Trading Platform
Oleg Gorokhovsky (Monobank’s co-founder) revealed that the bank has collaborated with a virtual currency trading platform and has completed testing on integrating the bank’s application with the platform. Hence, the bank’s customers can now make bitcoin transactions using a debit card. However, Gorokhovsky remarked that the feature would be released once the National Bank of Ukraine approves it, and the apex bank has promised to approve by this month’s end.
Monobank was co-founded four years ago by Sergey Tigipko and Oleg Gorokhovsky; the Universal Bank licensed it. Tigipko is an ex-deputy prime minister of Ukraine and a former top official of the central bank. Monobank has a customer base of almost 3 million.
Despite being an ex-deputy board chairman at the largest commercial bank in Ukraine (PrivatBank), Gorokhovsky is a bitcoin enthusiast. He said in an interview he granted earlier in the year that the leading cryptocurrency offers huge benefits in diverse industries.
Also, Gorokhovsky said in a Facebook post that Tesla’s bitcoin investment was the final conviction he needed to invest in bitcoin. Thus, he later invested a large amount of his assets in it, and he even predicted that the bitcoin price would have surpassed $100,000 before the end of next year.
Ukraine Makes Steady Progress in Its Crypto Bill
Ukrainian policymakers continue to make gradual progress in developing a cryptocurrency bill. The Deputy Minister of the digital transformation ministry (Oleksandr Bornyakov) recently updated their progress. He said, “we have passed the updated draft on “virtual assets adoption” to the second reading.”
Also, the Ukrainian authorities updated its regulatory payment policy to include policies about Ukraine’s central bank digital currency.
Digital Coins Are Struggling
Financial regulators continue to be tough on cryptocurrencies, and the prices of these digital assets have taken a hit for it. All the cryptocurrencies led by bitcoin continue to be on a decline. Bitcoin, Ethereum, and Dogecoin fell by 6.8%, 4.6%, and 6.6%. Top analyst at AJ Bell, Laith Khalaf, believes that there are two reasons for the bitcoin price decline.
The first is the regulators’ clampdown on digital currencies. Last week, China’s focus was to stop all crypto mining operations in the country. Hence, bitcoin prices took a hit since more than 70% of bitcoin is mined in the country.
In a related development, the UK’s financial watchdog (the financial conduct authority) stopped the world’s largest crypto exchange (Binance) from operating in the country. Khalaf’s second postulate for the drop in bitcoin prices is the decision of Tesla not to accept bitcoin payments for its electric cars. Since Elon Musk made that announcement in late May, bitcoin prices have been fluctuating around the $35K range, down from a peak of about $65K before the announcement.
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