Amid this war, the two largest tech companies in Ukraine have started accepting bitcoin in form of payment. Techno Їzhak and Stylus the largest Ukrainian Tech retailing companies have recently announced that they will be accepting bitcoin as a daily payment form.
This information was reported by the local bitcoin magazine which was earlier discussed on news by news outlet Obozrevatel. According to the sources, the startup will use the payment processor Whitepay to act as a middleman between clients and merchants. Whitepay is a branch of the European-based cryptocurrency exchange WhiteBIT.
The study claims that throughout the Russian invasion, Ukrainian interest in Bitcoin has increased.
How this will work?
According to the sources, this will be available both online and offline for payment. At brick-and-mortar stores which is around 100 in number. Customers can use Whitepay's unique point-of-sale technology to make on-stop payments, which gives retailers a QR code to record the transaction. The current exchange rate and the time it takes for the network to process the transaction will also be included in the QR code. The receipt that the user will receive after the transaction will contain information regarding the transaction's kind, network, commissions paid, exchange rate, and time frame.
Both Techno Їzhak and Stylus businesses will be able to accept 130 different cryptocurrencies through WhiteBIT, with many more to follow in the future. According to the statement given by Whitepay CEO Gleb Udovichenko, Whitepay is preparing the country for the market for digital assets.
“After analyzing the number of transactions and the number of cryptocurrency owners worldwide, Ukraine has not always been in the lead, he said. We give customers more choices for how to use their cryptocurrency assets.”
The Vice Prime Minister of the nation raised more than $100 million in support for their cause. By requesting bitcoin donations from people all around the world. The deputy minister says that these donations were "vital" in assisting the Ukrainian military effort, and the transformation of Ukraine.
Following an upsurge in demand for bitcoin as a daily medium of exchange brought on by a surge in bitcoin donations to military assistance organizations. Minister of digital transformation, Mykhailo Fedorov, recently declared that $54 million in aid received via bitcoin. And other cryptocurrencies was used to fund the intended military support which was a must during this war phase that Ukraine is going through.
What was Ukraine’s Virtual Asset Bill?
An "On Virtual Currency" bill was approved earlier this year by the President of Ukraine Volodymyr Zelensky. This will create a legal foundation for Bitcoin to function with the nation's economy. With this bill, cryptocurrency got legalized in Ukraine where the people of Ukraine are allowed to trade in cryptocurrencies. And let the crypto exchange legally work there. Also, the banks were instructed to open bank accounts for cryptocurrency-related companies.
This decision was made after receiving so many donations from people all around the world in form of crypto to support Ukraine in the Ukraine-Russia war. This decision will help Ukraine in getting its economy back on track and also help the people of Ukraine who are much more suffering because of this war.
The war started between Russia and Ukraine because of the long-simmering conflict over the expansion of the North Atlantic Treaty Organization (NATO). It started on 24 February 2022 with the first attack from the Russian side. But history shows conflict way back in time. Because of the larger army force and better equipment of Russia, Ukraine was on the weak part. Every single person was badly impacted in Ukraine because of this war. Hence, making this decision of accepting cryptocurrency can be somehow helpful to people.
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