Ukrainians offer new encryption service, Bitcoin card – Fintech Bitcoin News

Ukrainians offer new encryption service, Bitcoin card – Fintech Bitcoin News


With the increasing popularity of cryptocurrency, Ukrainians are enjoying more and more related services and products. In addition to the new options for buying and trading coins, crypto users in the country will also get two cards that allow them to use digital currencies in stores and online.

Wirex provides Ukrainians with more than 20 cryptocurrencies and promises to provide crypto cards

Wirex, a UK-based crypto payment processor, has allowed Ukrainian residents to buy and exchange cryptocurrencies on its platform.The company supports more than 20 cryptocurrencies, including major coins such as Bitcoin and Ethereum And popular altcoins such as DOGE.

Ukrainians can also open crypto savings accounts based on the following circumstances definition Products, Wirex told Forklog this week. The supplier explained that these would return up to 16% compound interest in the selected currency each year, noting that interest can also be credited to the local WXT currency.

Wirex also plans to issue its cards to Ukrainian cryptocurrency holders, giving them the opportunity to use their coins for goods and services provided by local businesses that do not directly accept cryptocurrencies. This can be achieved by instant conversion to hryvnia. Ukrainians will also receive a virtual card that can be added to Apple Pay and Google Pay.

Ukrainians offer new encryption service, bitcoin card

The increasing popularity of cryptocurrencies has made Ukraine a leader The Kiev authorities have been taking measures to regulate the crypto space. According to Ruslan Kolodyazhny, Wirex’s chief technology officer, the company has long planned to enter the Ukrainian market because it believes it is promising.

This British financial technology company obtained a license from the UK Financial Conduct Authority more than three years ago. Since then, its services have attracted more and more attention from consumers. More than 4 million people in 130 countries/regions now use its MasterCard and Visa.

Ukraine’s Monobank will provide another Bitcoin card

Ukrainians may also expect similar products from domestic payment providers. Last month, the Ukrainian online banking platform Monobank announced that it is preparing to release its own cryptocurrency card. The company complained that it had waited more than three months to obtain approval from the National Bank of Ukraine.

In October, Kirill Shevchenko, the head of the monetary authority, revealed that Central bank Commercial banks have approached commercial banks to seek permission to issue cards related to crypto wallets. However, he emphasized that regulators are still concerned about the risks associated with such transactions and certain challenges in financial supervision.

Ukraine has not yet fully regulated its crypto market.Ukrainian Parliament adoption The long-awaited “Virtual Assets Law” was passed in early September, when legislators approved the bill during the second and final reading.The legislation was passed for first reading in December last year, after which it was revised and came up with It will be held again in Verkhovna Rada in June this year. However, in early October, President Volodymyr Zelensky returned the law and requested further changes.

Tags in this story

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Do you want Ukrainian regulators to soften their stance on encryption-related products and services? Tell us in the comments section below.

Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.

Image Source: Shutterstock, Pixabay, Wikimedia Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.

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