With the Ukrainian authority moving forward with crypto-centric regulation, a top-tier local bank is reportedly in preparation to roll out a debit card facilitating Bitcoin (BTC) trading. 

Specifically, Ukrainian online banking application Monobank has reportedly carried out a successful pilot integration with a crypto trading network, as revealed by Monobank co-founder Oleg Gorokhovsky. 

Per Gorokhovsky, the new integration will equipe Monobank with the ability to support selling and purchasing of debit card-enabled Bitcoin. Monobank plans to roll out the latest update in the later half of July, as it is still obtaining regulatory greenlight from the National Bank of Ukraine. 

Established in 2017, Monobank reportedly functions within the license scope of Universal Bank – operated by tycoon Sergey Tigipko, a former central bank chief and ex-deputy prime minister of Ukraine. As of August last year, the user demographic of Monobank has exceeded the 2.5 million benchmark. 

Monobank’s Gorokhovsky, who is also a former deputy board chairman at PrivatBank – a high-profile Ukraine-based bank – is reportedly optimistic regarding Bitcoin, in early 2021. Gorokhovsky claimed that Tesla’s $1.5-billion Bitcoin acquisition has managed to make him believe in the longevity of the virtual coin. 

The Ukrainian government has reportedly been taking steady steps regarding numerous digital currency-centric bills. Oleksandr Bornyakov, deputy minister of the Ministry of Digital Transformation, revealed on June 30th that the authority recommended the adoption of an updated draft bill “On Virtual Assets” in the second reading.

Also on June 30th, a new legislation looking to provide a regulatory framework for payment methods, including regulations regarding Ukraine’s central bank digital currency, has reportedly acquired approval from the Ukrainian parliament.