Ukrainians offered new crypto services, Bitcoin cards – fintech bitcoin news

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Along with the growing popularity of cryptocurrencies, Ukrainians are benefiting from a growing range of related services and products. Along with new options for buying and trading coins, crypto users nationwide will be offered two cards that will allow them to spend their digital currencies in stores and online.

Wirex Gives Ukrainians Access to Over 20 Cryptocurrencies, Promises Crypto Card

UK-based crypto payment processor Wirex has made it possible for residents of Ukraine to buy and trade cryptocurrencies on its platform. The company supports over 20 cryptocurrencies, including major coins like BTC and ETH as well as popular altcoins like DOGE.

Ukrainians will also be able to open crypto savings accounts based on challenge products, Wirex told Forklog this week. These will earn up to 16% compound interest on selected currencies each year, the provider explained, noting that interest can also be credited in native WXT currency.

Wirex also plans to issue its card to Ukrainian crypto holders, giving them the option to spend their coins on goods and services offered by local merchants who do not directly accept cryptocurrency. This will be possible thanks to an instant conversion into hryvnia. Ukrainians will also receive a virtual card which they can add to Apple Pay and Google Pay.

The growing popularity of cryptocurrencies has made Ukraine a leader in adoption as authorities in Kiev have taken steps to regulate the crypto space. According to the technical director of Wirex, Ruslan Kolodyazhny, the company has long been considering entering the Ukrainian market, because it sees it as promising.

The British fintech was licensed by the UK Financial Conduct Authority more than three years ago. Since then, its services have seen increasing interest from consumers. More than 4 million people in 130 countries now use its Mastercard and Visa cards.

Ukrainian monobank will offer another Bitcoin card

Ukrainians can also expect similar products from domestic payment providers. Ukrainian online banking platform Monobank announced last month that it was ready to launch its own cryptocurrency card. The company complained that it waited more than three months for approval from the National Bank of Ukraine.

In October, the head of the monetary authority, Kirill Shevchenko, revealed that the central bank had been approached by commercial banks asking for permission to issue cards linked to crypto wallets. However, he stressed that the regulator remains concerned about the risks associated with such transactions and certain challenges related to financial supervision.

Ukraine has yet to comprehensively regulate its crypto market. Ukraine’s parliament passed the long-awaited Virtual Assets Law in early September when lawmakers approved the bill at second and final reading. The legislation passed its first reading last December, after which it was revised and resubmitted to the Verkhovna Rada in June this year. However, in early October, President Volodymyr Zelensky passed the law and called for further changes.

Tags in this story Bank, Bank, bill, Bitcoin, bitcoin card, bitcoin cards, buy, card, cards, Central bank, Crypto, crypto card, Crypto cards, crypto payments, crypto platform, Cryptocurrencies, Cryptocurrency, Exchange , Law, Monobank, Payments, Processor, Products, Supplier, Purchase, Services, Trade, Ukraine, Ukrainian, Ukrainians, Virtual Assets, Wirex

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

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Being a writer is what I am, rather than what I do. Besides crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

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