Monobank does not support Bitcoin payments due to the asset’s “bad reputation”

Ukraine’s Monobank does not plan to add Bitcoin as a payment option for its services. This was stated by Monobank co-founder Mikhail Rogalsky in an interview with Forbes Ukraine.

According to him, the first cryptocurrency “has a very bad reputation” among European and Ukrainian regulators.

“Since we have our own core business, placing it at risk by dealing with a high-risk asset would be illogical,” Rogalsky noted.

He also noted that the cryptocurrency issue in Ukraine is currently unsafe. The only advantage of digital assets over fiat, Rogalsky said, is the ability to bypass oversight by the local regulator.

“I don’t think Bitcoin will ever circulate freely in our country, precisely because historically the NBU regulates the currency market. My personal view is that the National Bank will not approve banks conducting crypto transactions freely,” the Monobank co-founder concluded.

ForkLog has sought additional comments from the bank’s representatives.

In July 2021, monobank announced plans to issue Bitcoin cards, which would allow bank clients to transact in cryptocurrency. The project, according to our information, was planned to be implemented in partnership with the WhiteBIT exchange.

However, in December of that year it became known that the project had not received approval from the National Bank of Ukraine.