Monobank co-founder: Bitcoin card ready, but awaiting approval from Ukraine’s central bank

The bitcoin card, which would enable customers of the Ukrainian monobank to conduct cryptocurrency operations, is ready and has been awaiting approval from the National Bank of Ukraine for three months. This was stated by the company’s co-founder заявил Oleg Gorokhovsky.

He noted that he is “deeply concerned” by the regulator’s deliberations.

“Microfinance organizations that lend Ukrainians at 100,000% annual interest are okay for the NBU, but a crypto card raises concerns. The whole world already works with crypto—from PayPal to Visa, and Ukraine, as always, has its own path,” said the co-founder of Monobank.

Plans by the bank to issue a Bitcoin card became known in July. According to ForkLog, the project will be implemented in partnership with the WhiteBIT exchange.

In October, the head of the National Bank of Ukraine Kyrylo Shevchenko stated that to the regulator commercial banks have approached with a request to issue cryptocurrency cards. However, according to him, the regulator is concerned about ‘the high risk of such operations and the necessary financial-monitoring procedures’.

Earlier, on September 8, the Verkhovna Rada of Ukraine adopted the bill “On Virtual Assets”, regulating cryptocurrency operations in the country. However, later President Volodymyr Zelensky returned the document for reconsideration with his proposals. The updated document will be considered soon.

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