The Growing Bitcoin Culture in Ukraine

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The Growing Bitcoin Culture in Ukraine

ForexMinute.com – Last week, there was a meeting held in Ukraine’s capital Kiev, which was attended by enthusiastic and emerging entrepreneurs. The focus of the meeting was to create Bitcoin Foundation Ukraine (BFU) – an organization that will work towards Bitcoin’s development within Ukraine, while also promoting it among the country’s merchants and people.

Ukraine is looking forward to become a major market for Bitcoin businesses, BFU will set an altogether different platform where companies and individual entrepreneurs can do business hassle free. In March, a former employee of one of the most prestigious Ukrainian mobile operating companies opened the country’s first physical exchange in which customers can come and buy Bitcoins for cash. The company is now the member of BFU.

Mikhail Chobanyan, founder of the Kuna Exchange, has decided to introduce Ukrainians to a platform through which they can reduce their risks of mining cryptocurrencies themselves. “Previously, it was necessary to entrust their funds to an unknown site and its owners, long wait for the completion of the operation, go through several bank payment systems, leaving at each step a certain percentage of commission,” said he.
Chobanyan is now planning to open more regional offices in Ukraine, from which people can buy Bitcoin and probably altcoins easily.

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Another Ukrainian Bitcoin project – Fruitwallet has also joined BFU. Its founder Maxim Krupyshevym had initially developed this project as a Bitcoin-payment application for App Store. But when Apple removed all the applications that stored cryptocurrencies, the founder shifted the idea to a separate domain.

Fruitwallet, according to Krupyshevym, is now widely used for pocket payments. You can pay for your coffee in California, withdraw money from an ATM of London, and do several other transactions using this Ukrainian Bitcoin wallet.

Ukraine Public is Still Unaware of Bitcoin
At the same time, the Ukraine public is not even aware of the fact that a currency like Bitcoin exists. Speaking on the same, Mikhail Chobanyan says, “As per our observations, seasoned users mainly use Bitcoin for long-term investments, trading on the cryptocurrency exchange and free international payments.”

Although the interest in a new kind of currency among ordinary users in the country is growing rapidly. As Google trends April’s statistics show, more users from the Crimea and eastern regions of the country began to seek information about the Bitcoin network and the ways to operate it. Sevastopol came in first place in the rating of Ukrainian cities, where most want to know about Bitcoin. While Kiev lagging behind.

One of the key challenges BFU will face is the development of legal acts that will bring Bitcoin exchanges under proper scrutiny and its investors in a safe investment zone. The creation of such laws and conditions for the development of the market will indeed make Ukraine the world’s best capital of cryptocurrencies.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com