Major Ukrainian Bank to Work with Bitcoin

One of Ukraine’s biggest banks, PrivatBank, announced finalization of testing period for a service providing merchants with an option of accepting bitcoins for their goods. The service is quite usual for the crypto-space, as it transacts hryvnias (Ukrainaian national currency) to the merchant’s account in case of local acquiring, or Euros in case of international acquiring.

The procedure for using bitcoin is well-known to its long-time advocates. A buyer selects bitcoin as a payment method on a checkout page, and effects the transaction by scanning a QR code. The bank then conerts bitcoins into UAH or USD and transmits the assets to the merchant’s operating account.

The bank also applied to the National Bank of Ukraine in order to clarify the regulation issues of cryptocurrency inherent in the country.

Currently the bank searches for merchant partners willing to accept bitcoin both in Ukraine and within the EU.

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