As the Ukrainian government moves forward with cryptocurrency legislation, a prominent local e-bank is intended to launch a debit card with Bitcoin (BTC) trading.

Ukrainian E-Bank Intends To Launch Bitcoin Trading in July

Monobank, a Ukrainian online banking application, has completed a trial integration with a cryptocurrency trading platform, according to Monobank co-founder Oleg Gorokhovsky.

According to the CEO, the new connection would allow Monobank customers to trade Bitcoin using a debit card. Monobank intends to launch the new function later this month, pending clearance from the National Bank of Ukraine.

Monobank Is An E-Banking Platform Established In Ukraine

The bank was founded in 2017 and operates under the license of Universal Bank, which is controlled by billionaire Sergei Tigipko, a former central bank President and Ex-Deputy Prime Minister of Ukraine. Monobank allegedly has over 2.5 million clients as of August 2020.

Early this year, Gorokhovsky, a former deputy board chairperson of PrivatBank, Ukraine’s largest commercial bank, expressed his excitement for Bitcoin. 

Monobank Hopes To Educate Over 2.5 Million People About Cryptography

In February, Gorokhovsky said on Facebook that Tesla’s $1.5 billion Bitcoin acquisition had finally convinced him that Bitcoin was here to stay. He also revealed a significant personal investment in Bitcoin, predicting that it will hit $100,000 by 2022.

BTC’s bullish momentum was strong when Gorokhovsky made this forecast in February, as the price made moon shots hit an all-time high of $64,863.10 (£46,834.08) two months later.

However, a negative market took hold, forcing BTC to fall to $30,000 (£21,660.75) levels to date. BTC is currently trading at $33,736.79 (£24,358.81) following a 4.81% drop in the previous 24 hours.

Monobank Is Awaiting Clearance From Ukraine’s National Bank

Ukrainian authorities are slowly moving forward with a package of digital currency-related laws. Last Wednesday, Oleksandr Bornyakov, Deputy Minister of the Ministry of Digital Transformation, said that the authority supported the approval of a revised draught bill “On Virtual Assets” in the second reading.

On Wednesday, the Ukrainian parliament also enacted new legislation governing payment systems, including rules governing Ukraine’s central bank’s digital currency.