The monobank bitcoin card awaits approval from the National Bank of Ukraine

The bank's co-founder noted that he was frustrated by the regulator's long reflections

13.11.2021 - 11:00

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What’s new? Oleg Gorokhovsky, the co-founder of monobank, said that a cryptocurrency card with which Ukrainian bank customers will be able to conduct transactions with virtual assets is already ready. The project is implemented in partnership with WhiteBIT exchange and has been waiting for approval from the National Bank of Ukraine (NBU) for three months.

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What is Gorokhovsky's opinion? He noted that he was frustrated by the regulator's uncertainty and long reflections:

“Microfinance organizations that lend to Ukrainians at 100,000% per annum are acceptable for the NBU, but a cryptocurrency card raises concerns. Everyone in the world, from PayPal to Visa, is already working with crypto, but Ukraine, as always, has a special way.”

What does the regulator say? Kyrylo Shevchenko, the head of the National Bank of Ukraine, stated that the agency has already been approached by commercial banks with a similar request to launch cryptocurrency cards. According to him, the regulator is interested in the high riskiness of such transactions and compliance with the procedures established by financial monitoring.

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