The regulator may consider using an approach similar to the BitLicense project. This comes at a time when new services that facilitate access to digital currency appear regularly in Ukraine.
Recently, the popularity of bitcoin has grown in Ukraine due to the economic crisis and the capital controls introduced by the authorities. Despite the general lack of cryptocurrency awareness, the Ukrainians turned to bitcoin in search of alternatives. The bitcoin community took this trend as a crucial opportunity for the digital currency integration into the national payment system.
Presently, the National Bank of Ukraine is considering the regulatory changes that would form the market framework for international online payment systems such as PayPal. The Ukrainian equivalent of the BitLicense regulation project has been presented today during the Payments Commission session of the National Bank Council.
On 8 June, Bitcoin Foundation Ukraine became a member of the Ukrainian Interbank Payment System Member Association (EMA). Bitcoin enthusiasts believe this move means recognition of bitcoin in the current financial system of Ukraine.
“This is the first step towards mainstream adoption of the technology in Ukraine and CIS. That is exactly what we aim for.”
In the meantime, btcu.biz, a Ukrainian instant payment company, introduced a new option of exchanging digital currency using 24NONSTOP and IBOX payment terminals.
Customers need to choose the Btcu.biz button from the terminal’s menu and pay for the bitcoins with cash. Btcu.biz also introduced a service that allows users to top up their bitcoin accounts using a Visa or a MasterCard bank card. Both services can be used for cashing bitcoins into Ukrainian Hryvnias.
Previously, btcu.biz used the Bank National Credit terminals to provide the bitcoin purchasing and selling service but this collaboration has now been suspended, according to the company’s web site (on 5 June the Bank National Credit has been declared insolvent by the regulator).
The company's website features an interactive map of Ukraine with 4,000 service-enabled terminals. However, the map has not been updated so far and shows only the Bank National Credit terminals