Ukrainian e-Bank Monobank Wants To Enable Bitcoin Trading

Cryptocurrency adoption is spreading rapidly across the world, and while some may argue that the surging prices from earlier this year were responsible, the mass adoption did not start until after the price of Bitcoin was cut in half.

Bitcoin is Growing in Value – Despite the Price

Banks worldwide are developing a genuine interest in crypto, realizing its potential. The latest example of this is the Ukrainian e-bank, known as Monobank. The bank recently expressed interest in wanting to enable Bitcoin trading and offering it to its customers.

What’s more, the bank is willing to do it before the end of the month. It has already requested permission from the country’s central bank, the Bank of Ukraine. It requested that the central bank approve its request for a Bitcoin debit card.

Monobank’s Co-Founder’s Faith in Crypto Restored

The announcement regarding Monobank’s new decision came in a recent report that said that the bank’s co-founder, Oleg Gorokhovsky, is optimistic about Bitcoin. He watched as the Bitcoin price skyrocketed earlier this year to $64.8k. Meanwhile, institutional investors were getting heavily involved with the cryptocurrency, using third-party services like Grayscale and MicroStrategy to invest millions into Bitcoin.

Then, there was Tesla’s $1.5 billion purchase of Bitcoin that set the entire market on fire, and along the way, it completely renewed Gorokhovsky’s faith in Bitcoin. This was actually what convinced him that digital assets are no longer only a possibility but that they are here to stay. At least, he believed it about Bitcoin specifically.

He got so optimistic that he gave his own prediction of the Bitcoin price performance, stating that he expects it to hit $100,000 before the end of 2022. Of course, since then, the bearish wave struck the industry, and Bitcoin’s price was cut in half. However, it is worth noting that even after the price fell by over 50%, Bitcoin is still miles above its price from only 12 months ago, when it struggled to go beyond $9,500.

Ukraine Moves Towards Regulating Digital Currencies

As mentioned earlier, Ukraine has been working on regulating the crypto sector, and so far, it has made quite a bit of progress. Regulating crypto is not an easy job, as proven by regulators and governments worldwide. The industry, its assets, and technology are still evolving and still far away from mass adoption, which makes it difficult to regulate the sector without making major oversights.

However, the regulators are still trying, and one report from December of last year revealed that the Ukrainian Parliament was discussing the matter. The country was aware of the large demand for crypto in Ukraine even before that, as it made it mandatory for its crypto holders to report their coins in their tax filing. While crypto is not that easy to regulate, taxing it is perfectly possible, which many countries have already discovered so far.

Banks Around the World are Starting to Embrace Crypto

With all of this and more going on in Ukraine, it is not surprising that Monobank developed an interest. After all, the country is much more likely to regulate the industry than to ban cryptos. It makes sense for a bank interested in using this opportunity to start offering a Bitcoin debit card.

Essentially, Monobank wants to allow its customers to easily access, store, and use BTC. The application has not been approved yet, but if it does get the green light, the bank’s customers will be able to use their debit cards to buy and sell BTC. Besides, this is not the first or only bank to make such a move, as banks worldwide have been facing massive demand for crypto.

One example is Goldman Sachs, which offers users the ability to buy Bitcoin and Ethereum futures and options. This allows users to bet on the price performance, whether it goes up or down, and still earn profits if the predictions are correct. So, it removes much of the risk that traditional trading carries, where owning crypto would mean a definitive loss unless the prices are strictly rising.

The banking app Revolut also offers a full crypto suite in the UK, allowing users to buy, sell, and own crypto.

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